Rental property insurance

[Jose Valdez]

Hello! I might soon be purchasing my first rental property and needed some help. Is renters insurance needed? If so, why? Or is the landlord insurance all that is needed? Thank you!

[Bill B.]

1) they don’t want their tennants who might not be financial secure to lose everything they own. (Both because they’re caring people and because it’s hard to pay rent when you need to buy clothes and a bed.)

2) there’s a chance the renters insurance will pay for damage caused by the tenant