The insurance will be a lot more. An insurance quoted us insurance of around $2000.00 a year for our Arrow as a private plane, but our insurance policy through the FBO's policy where we have it on leasback is about $500.00 a month.
The best deal I could find for a 152 worth 23K was 4.5K a year. The same airplane was about $700 a year for private use. What I decided to do was go with commercial/rental liability only at 1.5K a year and not cover the hull...plane is paid for. I'm asking that solo students have their own renters insurance to cover the hull, which keeps my costs down and I can offer the plane at a lower rate.