Renters insurance will generally only cover personal belongings, not the dwelling. If you have a mortgage, you are probably required to have it. Even if you don't, you absolutely want homeowners insurance. You should also make sure it has adequate coverage for the tenants in the event something happens (ie. they are injured due to an event that was not their fault, like an electrical fire, etc.). I suggest talking to an insurance agent that specializes in this coverage.
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