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 insurance.com.
|Coverage Category||Homeowners Insurance||Landlord Insurance|
|Insured resides||In the home alongside tenant||In the insured home, on the premises or elsewhere|
|Protection||Main building and other structures on the property from losses due to: fire, lightning, wind, hail, other covered events||Same as homeowners insurance|
|Personal property||Most property is covered, including furniture, clothing and computers||Only 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.|
|Liability||You are protected when you're responsible for damage, regardless of where the covered event occurred||Covers accidents on the rented premises for which you are legally responsible|
|Tenant belongings||Not insured||Not insured. Experts recommend requiring tenants to carry renters' insurance|
|Income loss||N/A||Depends on policy|