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Updated over 7 years ago,
Rental Insurance Question: SFH Multi-non-family tenants
I have a SFH with three non-family tenants. I am requiring rental insurance for the first time this year - $1MM liability and me listed as an additional insured.
Question: If two tenants got rental insurance for $1MM each, does the 3rd person need rental insurance too?
I originally was thinking one policy was fine, but now that I am realizing two out of three wanted own insurance to cover personal items too. What happens if the 3rd person doesn't want insurance for personal items. Will the two insurance policies with $1MM liability each be good enough as a property owner? Or do I press the 3rd person to get insurance as well?
Or is it possible to have a tenant listed as an additional insured on another tenant's insurance policy if that is what the tenant wants?
NOTE: The tenants are all on the same lease agreement. Meaning they have joint and several liability.