Depending on any existing insurance policies, you can decide to insure the building and contents together or just one of these alone. For example if you are renting our a flat where the building itself is already covered on a block policy then you may decide to insure just the contents within the property which are there for use by the tenant such as furniture.

Generally there are few special requirements for this type of policy. Obviously the property must actually be rented out, if you move into the property then the policy will most likely cease to provide cover. You must have a written lease agreement in place with the tenant and provide an accurate evaluation of the properties value and any risks it is likely to suffer from such as signs of subsidence or being in a flood area.