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 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