Landlord Insurance vs. Homeowner's insurance

In short, if you own a residence and live in the property, you need homeowners insurance. If you own a tenant occupied property, you need landlord insurance. You do not buy both.

Below is a table comparing homeowners insurance and landlord insurance. The data below largely comes from a page on

Coverage CategoryHomeowners InsuranceLandlord Insurance
Insured residesIn the home alongside tenantIn the insured home, on the premises or elsewhere
ProtectionMain building and other structures on the property from losses due to: fire, lightning, wind, hail, other covered eventsSame as homeowners insurance
Personal propertyMost property is covered, including furniture, clothing and computersOnly covers items owned by you but used to service the rental property - such as maintenance equipment, furniture and appliances used by the tenant, snow blowers, etc.
LiabilityYou are protected when you\'re responsible for damage, regardless of where the covered event occurredCovers accidents on the rented premises for which you are legally responsible
Tenant belongingsNot insuredNot insured. Experts recommend requiring tenants to carry renters\' insurance
Income lossN/ADepends on policy