Do all tenants need renters insurance?

I’m renting a house with six of my friends. We’ve signed a two-year lease and are settling in just fine. I’m not sure what to do about insurance, though. Do we all need our own renters insurance? Or can we share one policy?

Natalie Todoroff · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Hey, don’t sweat it if you don’t know. It’s a smart question to ask ahead of time! And glad to hear everyone is settling into the new space.
Renters insurance only covers those who are listed on the policy, married to the policyholder, or related to the policyholder. Unless you’re moving in with your siblings or spouse, if you’re not named, you’re not covered.
That being said, most states allow roommates to share policies. Meaning, if your landlord requires renters insurance as part of the lease agreement, just one tenant having renters insurance can fulfill that requirement. But, this is a case-by-case basis. Your best bet would be to check in with your landlord.
So, while it’s allowed, it is not usually recommended. Let’s pretend you and your six roommates shared one renters insurance policy, and a fire broke out in your home. If the fire damaged only your belongings, and you are not listed as the policyholder, you’d be on your own to replace your damaged items. And replacing those items can quickly add up!
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.

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