Will renting a second home effect the loan?

[Run Amok]

New to investment properties and new to this community. Hopefully at some point I will learn enough to become a contributor and lend help where I can.

So... we bought a second home in Arizona and are thinking of renting it out. When I called the hazard insurance company to inquire about changing the policy, I was advised to leave the policy as-is. They said that if I changed it to one that covers a rental property, a part of the process is to inform the lender that the policy has changed and that it could affect my loan.

Two questions:

Will renting out this second home effect the loan?

Should I leave the hazard insurance policy as is? Will I be covered if something happens while a renter is occupying the property?