I just recently started renting the SFH I bought. Do I need to contact my Home Owners Insurance Company and have the policy updated for changed?
Yes this should have been done sooner you don't need to insure the stuff inside the home but you do need liability. If I were you I'd shop different companies because your primary residence insurance might not be the best for a rental as well. I am always a big fan of independent insurance agents.
You need to have it insured specifically as a rental property, not home owners insurance.
You also need to take the time to learn your state landlord tenant regulations if you have not done so already. Operating a business without knowing the regulations is very dangerous. You must abide by all regulations or you could easily end up in court.
@Charles Stubblebine You'll need to have your policy changed from a homeowners policy to a landlord policy, also sometimes called a dwelling fire policy.
While you're at it, you might have your agent quote you for an umbrella policy too. Usually for only a couple hundred bucks a year you can get a million dollars of extra liability coverage. It's cheap insurance.