@Megan Spargo my experience fits what @Soh Tanaka said- Tell your insurance company because (mine told me) they will likely not cover anything that happens under the wrong kind of policy (owner occupied versus renter occupied, for example). Your payments will probably go down because your new policy will only cover the structure. If the renter wants their belongings protected they have to get their own insurance (I also recommend requiring it).
You don't have to tell your lender and I wouldn't. There is nothing improper about moving out of a home you originally bought as a primary residence and, hooray!, you have a lower interest rate on your loan than you would if you had bought it as a rental property (househacking!). Just keep that in mind if you consider refinancing - unless you move back in you would likely have to refinance at a significantly higher rate :)
