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Can you get renters insurance if you own the house?
I’m confused about whether I need renters insurance. I own the house but I live in it with roommates. Can you get renters insurance if you own the house?
Bonnie Stinson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Great question! Homeowners should get homeowners insurance, not renters insurance, even if they are currently living in the house with other renters.
Your tenants should have renters insurance to cover their belongings.
Your homeowners policy will cover your belongings as well as structural damage to the home. However, you only have protection from
covered perils
. Tenant damage is not a covered peril. If one of your roommates accidentally puts a hole in the wall, your homeowners policy wouldn’t cover it.On top of your home insurance policy, you should also carry landlord’s insurance. This protects your property from damage caused by your renters.
It may seem like overkill to have two policies. In your situation, both policies could be useful.
If you have any questions about
renters insurance
or home insurance
, reach out to Jerry
. Insurance can be stressful but our friendly agents can help you make sense of things. The Jerry app is the fastest way to find a cheap policy, too. You can compare rates and sign up for a policy in seconds. Hope this clears things up!
View full answer
- Gregory R.
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