No — and using the wrong policy is one of the most common and costly mistakes rental property owners make. A standard homeowners policy is designed for owner-occupied properties. If you rent your property to a tenant and file a claim, your insurer can deny it because the property is being used commercially. A landlord policy, also called a dwelling fire policy, is designed for non-owner-occupied rental properties and covers the structure, your liability as a landlord, and lost rental income after a covered loss.