When you own a house and you pay mortgage monthly, the bank or lender will request you require having an insurance to protect from natural disasters and calamities that can occur. The insurance requirements vary depending on the location of the property. For example if you live in an area susceptible to flooding, you are required to have flood insurance. If you have paid off your mortgage then, you are not requiring carrying insurance anymore. If anything happens to your property you are completely responsible for any damage even if it is provoked by a natural phenomenon.
There are some factors that affect such as location that was previously mentioned, the characteristics of your home including the year that it was constructed, the type of the roof structure, wiring, basement, etc. If you have protective devices such as fire alarm and extinguishers, smoke detectors and burglar alarms can also lower the cost of the insurance. In addition, if you have filed a claim to an insurance company before, your premium could be higher. Finally, a good credit history can lower your home insurance.
No, you need to review all limitations and exclusions of your policy. You will need separate policies to protect for example your car, jewel theft, etc.
As you are not the owner you cannot insure the structure, but you can have a renter's insurance coverage to protect your personal belongings.
The liability portion of the property should cover any injury to a neighbor or visitor who are legally liable for. However, household members are not mostly covered.
By using smoke alarms, sprinkler systems, security systems, deadbolt locks and others.
All exclusions are specified in the policy. Some of them might be intentional loss, flooding, earthquake, damage resulting from war and neglect among others.