Lets answer the question as it was asked. You do not have to buy a Landlords policy as apposed to buying an Owner's policy however a Landlords policy will cover you for different things like loss of rent. It does not cover your tenantâ€™s positions but does cover yours. As an investor/Broker myself I have several rental properties and I have chosen to go with the Landlords policy because of the coverage. I will tell you there was a time a few years back where I evicted a tenant and after they were gone I had around $10,000 in damage. My landlordâ€™s policy covered it in full as well as the loss of rent. I will tell you this It was less expensive that the same amount of coverage in a homeowners policy at that time. Its well worth talking to your insurance agent to see what your the options are.
Century 21 Prevete
Thats definately a question for an insurance company, but I do suggest you put "tenant must have renters insurance" in the lease. They can get a substantial amount of coverage for about $15.00 a month which should decrease what your insurance would have to cover in case anything happened.
You would want regular homeowners insurance on your primary residence. With investment property you might want to carry an umbrella policy to cover liability as well as fire and flood. Having to buy insurance is not required unless there is a mortgage involved. It's all about risk.
Not knowing your current policy nor what is covered, and does your insurance company know it's being rented--Consult with your insurance professional for accurate information---yes, you may wish to protect yourself and add to what you already have--again your insurance agent can best determine your needs.