Do I need Homeowner's Insurance for a rental?

[Account Closed]

If not, who pays for my rental property house if it burns down?

I need some kind of insurance right?

I currently still have HOI for a property that has been a rental for a few months. And it costs at least $1000, so I am trying to see if I can adjust/cancel it.

[Jeff Willis]

As @Pavel Shemyakin said, you need to talk to your insurance agent who will get you the correct policy. You should have structure insurance with replacement coverage and liability insurance, the higher the better. The only thing you don't need is contents coverage, which is the responsibility of the Tenant.  If you have a loan on the property, the lien holder will require fire structure protection at a minimum.