When you rent a house, you are only obligated to pay rent. Property owners must take care of business matters related to the homes they own, and that includes paying the property taxes and keeping the home insured. Although it is the landlord's responsibility to pay taxes and homeowners insurance on the house you are renting, she is most likely counting on your rent payments to help her do that.
Unpaid taxes could lead to a bad situation for homeowners. Municipalities will typically hold an auction on the courthouse steps and sell a home to the highest bidder if property taxes go unpaid for too long. The stakes are high when it comes to being current on property tax obligations. That is one hassle renters do not have to worry about -- and most property owners would not even dream of putting themselves in that kind of vulnerable position.
Houses will sometimes burn to the ground or be damaged beyond repair by a natural disaster. Renters only stand to lose their personal possessions if some disaster were to strike, but the landlord would lose the home as well as the income stream from the rent payments. It behooves the landlord to make sure the home you are renting is properly insured.
Renters cannot legally own a homeowners policy on a house in which they are renting and have no ownership interest. The only policy renters are allowed to own are policies that cover their personal possessions against theft and damage. Even if your landlord carries homeowners insurance, in the event of a disaster your personal property would likely not be covered unless you had your own renters insurance policy.
Rent to Own
Even when renters have entered a rent-to-own agreement with the property owner, the owner of the house is still usually required to maintain full homeowners insurance and pay all the property taxes and other fees, such as homeowners association dues, while the renter is still renting.
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