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Can I buy renters insurance for my tenant?
We’re planning on renting out our basement this summer and would like our tenants to have renters insurance. Could I buy renters insurance for my tenant?
Claire Beaney · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Renters insurance is a great option for both you and your tenants!
However, you cannot buy a renters insurance policy for their tenant, but you can require your tenant to get renters insurance. Here are a few steps you can take to ensure your tenant has
renters insurance
:- Make renters insurance a requirement on the lease.
- Provide your tenant with monthly payments for renters insurance. In some states, you can increase the cost of rent to go towards a renters insurance policy or additional coverage.
- Ask your tenant to add you as an additional interested party—which ensures you’ll be notified if any changes are made to the policy.
While you can’t obtain renters insurance for your tenant, there are other ways to stay safeguarded as a landlord. You can purchase landlord insurance, which protects your property and its structures, and double-check your own homeowners insurance.
If you want to save money on home, renters, or car insurance, the
Jerry
app is a good place to start. A licensed broker, Jerry does all the hard work of finding cheap quotes from the top name-brand insurance companies and buying new home or renters insurance. Jerry will even help you cancel your old policy.View full answer
- Gregory R.
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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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