There are several types of property insurance that fall into this classification and they include, homeowners, rental/landlord and vacant.  A standard homeowner policy insures your home's structure (dwelling), your belongings (personal property) and personal liability of where you reside.  Specialty rental/landlord policies are designed to protect the structure of your investment and provide premises liability.  The contents need to be insured by your tenant under a renters or tenant policy.

 

 

Unlike auto insurance, homeowner insurance is not required by law but is required by banks and other mortgage/lending companies.  Even if your home is "paid off" and without liens it is still highly recommended