Homeowners insurance covers the structure of the buildings, other structures, and the owner’s personal belongings on the property. As a landlord, it is highly recommended that if you intend to rent your property out, that you make it a condition of the lease that the tenants purchase a renters insurance to protect their personal property as well as offering personal liability coverage should injury occur to someone on your property.

Many tenants make the assumption that their personal belongings within the rental property are covered by their landlord’s homeowners’ insurance policy. Typically, this assumption is incorrect and it is the tenant’s responsibility to take out renters insurance should an event arise which causes loss or damage to their belongings. 

Not only should landlords inform their insurance provider that the insured property is tenanted , but they should consider purchasing landlord specific insurance as well. Homeowners insurance does not adequately cover all the risks associated with renting out a property – specifically the potential liability one may face if a tenant or their guests are injured on your property.