Homeowners insurance & landlord insurance?

If I have homeowners insurance then I decide to rent the property out, do I have to keep my homeowners insurance and also get landlord insurance or will I just need landlord insurance? Thanks..
Also if I change my insurance to landlord insurance will my lender notice

Other answer:

Sean:
Your homeowner's insurance will not cover any claims if you are not living there and are renting the property out. So if there is a fire you are way out of luck; they'll just thumb their nose at you.

You need to obtain an all-risk fire insurance policy on the property (naming your mortgage lender as a loss payee if you still have a mortgage on the house), and also a comprehensive general liability policy to protect yourself from claims of injury or damage.

These policies are going to cost you a bit more than a homeowner's policy, but you have to have the correct coverage or you will not get paid on any claim.

Further, insist that your tenant obtain renter's insurance (similar to a homeowner's policy) and that you receive a certificate of insurance from their agent (no cost to them or you for this). It is pretty cheap coverage and completes the whole deal. If you already have a tenant there on a lease, you can't demand it now but you can make it a condition of renewing the lease when it comes up for renewal. Just be sure to give your tenant plenty of notice so they know about this change.

StephenWeinstein:
You need to have just the landlord insurance. You do not have the option to keep homeowner's insurance if you aren't living in the home.
Update: Also if I change my in
Anonymous:
No, a homeowners policy is ONLY for homes that are occupied by the titled owner. You'd buy a "dwelling fire" policy, sometimes called a landlord policy. It's more ala carte coverage, where you can add the liability if you want, but you don't have to; you can add some contents if you want, but you don't have to; you can add loss of rents if you want, but you don't have to.

You can't "change" the policy this way – you have to cancel the homeowners policy, and buy a new dwelling fire policy. Yes, your lender will notice – but they probably won't care.

Linda R:
Home owners insurance is exactly as it states…..'home owner's insurance'.
If you are renting – then you need to buy 'Renter's Insurance'.
npk:
You need to CHANGE your coverage to a policy that covers non-owner occupied property. You don't keep the homeowner's policy.
Max Hoopla:
You would need to insure yourself for things the tenant doesn't own.
Bob:
you need both
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