Insurance Confusion. First time shopping

[Andrew Wong]

Ok, I'm just a little bit confused about exactly what insurance I need. After scrounging through the rental property book and online, I think I ingested too much information and need some clarity.

So I'm in the process of a obtaining turnkey SFH in Memphis. Long term rental is the plan. What insurance do I actually need?

Is there a difference between Homeowners & Rental? 

Should I tack on an Umbrella policy right away? 

I'm not in a flood zone, so I know I don't need that.

Any help sorting out my confusion is much appreciated!