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To obtain both liability and property coverage, an owner-occupant typically needs to purchase a homeowners policy. This type of policy is specifically designed to cover both the dwelling and personal property while also providing liability protection for injuries or damages that occur on the property. Homeowners policies are comprehensive and combine these essential coverage areas under a single policy, making it easier and often more cost-effective for the insured to manage their risk.

In contrast, an individual liability insurance plan would only cover liability and would not provide property coverage, making it incomplete for an owner-occupant’s needs. Separate property coverage insurance would only address property losses and wouldn't include liability protection, which also falls short. Umbrella insurance provides additional liability coverage on top of existing policies but does not offer property coverage by itself. Therefore, the homeowners policy is the most suitable option for someone looking to protect both their liability and property in a combined manner.