Will my two tenants each need their own renters insurance?
I'm going to rent out my property to two separate tenants. One will live in the basement and the other will live on the main two floors. Will they each need their own renters insurance, or will one policy cover them both?
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Answered on Mar 08, 2021
While some carriers allow people occupying the same property to share renters insurance, it’s recommended that your tenants each get their own policy. This way, they can avoid disputes over claims, maintain control over their own insurance history, and avoid any complications should one of the tenants move out before the other. And renters insurance is very affordable for most people, costing $100 to $300 per year.
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