Does each tenant need renters insurance?

My friends and I are getting an apartment together soon. One of my friends was talking about getting us all renters insurance. Is that something we’d get together, or does each tenant need their own renters insurance?

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Answer provided by
Melanie Mergen
Answered on May 11, 2022
How fun to be moving in together soon! Renters insurance only covers the policyholder. Since you’re going to live with your friends, if everyone wants to be covered, each roommate will need their own renters insurance policy.
One perk of that is that if one roommate doesn’t want renters insurance, they don’t have to opt-in. For those getting insurance, you can each choose a policy that works best for you, and no one has to settle for a policy they don’t want. You also won’t have to deal with tracking down payments from everyone to split the bill.
Another bonus is that renters insurance is one of the cheapest types of insurance you can buy, but the protections it gives you if you ever need them could be invaluable. Nationally, the average yearly cost of renters insurance is about $173.
Renters insurance policies typically include the following protections:
  • Personal property
  • Loss of use
  • Personal liability
Whether you decide to get renters insurance is up to you, but with the right policy, it’s a small cost that protects you and your belongings in a big way.
If you’re ready to look into purchasing renters insurance for yourself, the Jerry app can help. Just answer a few questions, then compare rates from top insurance companies to find the best policy for you at the best price.

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