<prompt> Human: I have a relative staying in home that is in my name. Is it better for me to keep the home insured through the normal home owners insurance or convert it to the rental home insurance not sure the exact term? Proscons of each?  <response>: There are two concepts being confusedcombined here. One is your homeowners policy, the other is the tenants policy as a renter.When you rent a property to someone, you must change your homeowners policy to the rental version. This is usually slightly cheaper than a personal homeowners policy. This covers theft and damage to your property.A renters insurance policy is something your tenant should get on his own, and it protects his personal property while renting from you. It is not required. 