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If you have decided to rent out your home, contact your home insurance company and find out what home insurance is recommended if you are renting out your home. Since you own the home you will want to make sure that the home is insured, but you do not need to insure the items owned by tenant's inside. You should recommend that the tenants get renters insurance to insure their personal possessions. It is also highly recommended that you get legal insurance on your rental in case your tenant or one of their guests try to sue you or the tenant ruins you entire home.