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?

Answer
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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Alexah Grinnell
Answered on Mar 08, 2021
Alexah Grinnell has been working in the insurance industry for 5 years with a primary focus of coverage consulting in the sales department. She has been working for Jerry Insurance since July of 2019 and has also has experience working for AAA and State Farm. She currently lives in Rochester, NY with her husband and 3 kids
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