What is the difference between a landlord policy and homeowners insurance?

A landlord policy (DP-3) covers your rental property's structure, your liability as the property owner, and loss of rental income if a covered loss makes the property uninhabitable. A homeowners policy (HO-3) is designed for owner-occupied properties and will likely deny claims that occur during tenancy, and may non-renew on discovery. You need a landlord policy the moment the property is occupied by a paying tenant.