Yes. Once tenants move in, you need a landlord policy (often called a dwelling or DP policy), because a standard homeowners policy is written for a home the owner occupies. A landlord policy is built for a rented property. It covers the structure, fire and certain other damage, and typically includes liability protection for tenant situations, like a tenant or their guest getting injured and suing. Keep a plain homeowners policy on a rental and you risk a denied claim, because the occupancy no longer matches the policy. Misrepresenting how a home is occupied can void coverage entirely. Two more moves worth making as a landlord: - Require tenants to carry renters insurance. It covers their belongings and their liability, and keeps their claims off your policy. - Ask to be listed as an additional insured or additional interest on that renters policy, so you get notified if it lapses. It amounts to a quick call to your agent, and it makes sure your coverage matches how the property is actually being used.