The III says that landlord insurance typically provides coverage for structural damage to the property that is caused by certain risks included in your policy. If you've left items in the home for tenants to use, the III notes that these items may also be covered — including furniture.

Your landlord insurance may help pay to repair or replace appliances, such as a fridge or washing machine, if they were damaged by a covered peril, like a fire, says the III. If you've provided equipment for the tenants to use in maintaining the property, such as a lawnmower or snowblower, these items may also be covered by landlord insurance.

It's important to keep in mind that coverage limits — the maximum your policy will pay toward a covered loss — will apply. You'll also typically need to pay a deductible before your insurance coverage kicks in. Your insurance provider can help you set the coverage limit and deductible that fit your needs.