Who is NOT eligible for a standard homeowners policy?

A standard homeowners policy is designed primarily for individuals who own and reside in their homes. Owners of homes under construction are eligible for different types of coverage, namely a builders risk policy, because their properties do not yet qualify as completed dwellings. Tenants who rent a home or apartment typically require a renters insurance policy, which covers personal property rather than the structure itself.

Individuals who own and live in their houses are prime candidates for standard homeowners policies, as these policies cover both the dwelling and personal property, alongside liability protection. On the other hand, an individual who owns a house but does not reside in it—renting it out to tenants—often falls into a different category known as landlord insurance. This type of policy addresses the unique risks associated with rental properties, such as liability issues and property damage specific to non-owner occupants. Thus, it is clear that the individual in this situation is not eligible for a standard homeowners policy.