Can You Have Two Renters Insurance Policies?

Woman holding a wooden house symbolizing her renters insurance policy.

When you rent your home, is there such a thing as being too protected? 

It is no secret that one of the best ways to protect yourself and your possessions is to get solid renters insurance. However, this process can get confusing if you have one or more roommates, multiple rental properties, or if you just want to take out more than one policy for your home. 

For example, can you cover multiple properties on one policy? Does your coverage also protect those who rent out the other rooms in your rental? Is renters insurance per person? And can you have two renters policies to give yourself maximum protection, or will this be a waste of time and money? Keep reading to discover the answers to all this and more. 

Understanding Renters Insurance and Its Importance 

There are no states where renters insurance is mandatory, so unless your landlord requires it, you may feel you do not need to purchase a policy. However, the need for such policies becomes obvious once you realize how many benefits they have to offer. 

What are those benefits, though? And are there any real downsides to taking on this coverage? Below, the guide breaks down everything you need to know about the pros and cons of getting rental coverage for your home. 

Understanding the Benefits 

The primary benefit of renters coverage is that it helps you replace items in your home if they are damaged or stolen. Keep in mind that while your landlord has their own insurance, it is only designed to protect the home itself. It will not protect your belongings, meaning that if they are damaged by unexpected catastrophes like burst pipes, you may be left with additional out-of-pocket expenses beyond the repairs. If you live in an severe weather area, you may need renters coverage for natural disaster damage

Speaking of catastrophes, there is always a chance that an event such as flooding or a fire could render your home completely uninhabitable. As long as you have a renters policy, the cost of staying somewhere else (such as a hotel) will be covered. Additionally, living expenses, such as food and laundry, will be covered as well, meaning you do not have to worry about your basic needs during this stressful time. 

The final major benefit of such a policy is that medical expenses will be covered if a guest ends up getting injured at your home. If they try to hold you liable and take you to court, this will also pay for your legal bills. Collectively, all of these reasons form the core of why every renter can benefit from renters insurance. 

Are There Any Downsides? 

One potential downside to a renters policy is that not everyone needs one (which is why you should always know how much renters insurance you need). For example, these policies are largely designed to help people replace costly items that would otherwise be lost or ruined forever. However, if you are well off enough to pay for such replacements out-of-pocket, then such coverage may be unnecessary. If you never have to file a claim, you may have unnecessarily spent money on premiums for months or even years. 

On a related note, the worth of your items may impact your decision. If you have been downsizing and do not have very many expensive items in your home, rental coverage may not be worth it because of the deductible. Typically, you must hit a certain deductible amount before insurance will pay out. 

If most or all of your items are below the deductible threshold, then this type of policy may not be worth it simply to protect your personal possessions. However, some tenants might still benefit from the liability protection, and you may realize how much protection you need after you learn how to assess your belongings

Can You Have Two Renters Insurance Policies? 

Technically, it is always possible for you to get two renter policies, especially if you go through different carriers. However, doing so is typically not worth it for most tenants. 

Why would doubling your policies not be a good idea? For one thing, doubling the number of policies does not double the amount of protection you have. In that sense, you may be paying for at least one policy that you do not need, and if your primary concern is getting more coverage, you are better off increasing your coverage limit or adding endorsements to your existing plan to protect very valuable items (such as expensive jewelry and family heirlooms). 

Woman pointing to the keys of her rental house and smiling

A single policy also protects your items whether they are in the home or not. This is a great way to protect, say, a laptop, tablet, or other expensive electronic device inside your car when you are at work, the gym, or anywhere else. But this fact also underscores that you only need a single plan to protect these items, making a second policy unnecessary for most people. 

Reasons for Considering Multiple Renters Insurance Policies 

There are a few scenarios where a tenant might want or need multiple renters insurance policies. For example, if you are temporarily moving from one rented home to another, you may want coverage (or it may be required by the landlord) for the new place while you keep the original place protected. 

Along these lines, you might have multiple homes that you rent for either work or pleasure. If you spend sufficient time in these homes, then you may want solid protection for each residence. As always, the landlord for one or both of these properties may require insurance. 

Finally, a handful of tenants prefer having two policies because the second one is primarily designed to protect particularly expensive items, including high-end electronics and collectibles. However, as noted before, most tenants are better off adding special endorsements to a single policy rather than taking out a completely different one. 

The Potential Drawbacks of Multiple Renters Insurance Policies 

Outside of the very specific circumstances outlined above, most people do not need two renters insurance policies. Therefore, the biggest drawback of getting more than one is that you are paying for an extra policy you will likely never need. 

The second and final major drawback is that you might accidentally end up committing fraud. Even if you have two policies, you cannot file the same claim on both policies because this is a form of fraud. Therefore, you would be stuck trying to figure out which plan to use for which claim. 

Does Renters Insurance Cover Roommates? 

So far, this guide has focused on whether or not any one person would need multiple renters policies. However, it is quite common to have one or more roommates. That raises another pertinent question: Would those roommates be covered by your policy? 

By default, the answer to this question is “no.” Simply living with someone does not automatically entitle them to the benefits of your own plan. If you want them to be protected, you can speak with your carrier and add your roommate(s) to your policy. That is not always the best choice, however, and those roommates may be better off getting their own policies. 

Do Both Roommates Need Renters Insurance? 

If you have a roommate and both of you want the protection that renters insurance provides, it is typically better for each roommate to have their own policy. Multiple people on the same plan can make filing claims difficult; another reason is that a roommate filing claims behind your back can actually affect your coverage in a negative way by driving up your premiums. 

In some cases, you may not have much of a choice about getting separate policies. It is increasingly common for landlords to require all roommates staying in a residence to have their own policies in place. This reduces conflict among roommates and also reduces the likelihood that anyone living in the house will try to hold the landlord responsible for things like theft. 

Simplify Your Renters Insurance 

Now you know whether you can have two renters policies and why it is typically a bad idea. But do you know where you can find the best single policy to take care of all your needs? 

At InsureOne, we are here to protect you and your home from the unknown, all while offering the high level of customer service you deserve. Once you are ready to get serious about protecting your home, come get a quote online. Of course, you can also pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to find an InsureOne office near you and visit us in person.