Can I Have Two Renters Insurance Policies?

1. 

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   David G. Pipes, CLU®, RICP®

   Business Development Officer, T.D. McNeil Insurance Services, Fresno, California

   You can have a renter’s policy for each rental unit you have.  You could have a unit in the city where you work.  You could have another in the country where you spend your weekend.  You could have another in the mountains where you ski, hike and take vacations.  If you want to take out two policies covering exactly the same thing expecting to get a double payment in the event of a claim, you might be subject to an investigation for fraud.

   Answered on March 20, 2014

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2. 

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   David G. Pipes, CLU®, RICP®

   Business Development Officer, T.D. McNeil Insurance Services, Fresno, California

   While I cannot imagine why you would want two policies covering the same property you need to know that you will not be able to recover damages from both companies for the same loss.  In other words you cannot “double” your money.  I would suggest that you meet with a trusted insurance agent and secure one policy that provides adequate coverage to meet your needs.

   Answered on May 22, 2014

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