By default, a renter’s insurance policy only covers the policyholder’s possessions. A home insurance policy will cover possessions for everyone in the home and, in some instances, even the possessions of short-term visitors. But a renters policy in Boise, ID only applies to the person holding the policy.
That said, you can list roommates on your policy. If a pair of roommates want to go in on a renters policy together, that’s certainly an option. There will need to be a primary policyholder, but they can list their roommate, and divide the premiums between the two of them.
This arrangement might not always be logical, however. It doesn’t take much work to add someone to a policy or to have them removed from a policy, but remember that the nature of a roommate situation is, almost by definition, temporary. It’s not unusual to rent a room out to someone only to have them leave without notice halfway through the next month. Even longtime friends and family members may only need a place to stay for a few weeks, in which case it might be a little more hassle than it’s worth to get them covered on your renter’s policy when they might not even stay long enough to move all of their stuff in the first place.
If you have an ongoing arrangement with a roommate in Boise, ID, there’s no reason not to split the bill from Fuhriman Insurance Agency, but exercise some caution when agreeing to such an arrangement. If you’re still shopping around, give Fuhriman Insurance Agency a call and see what they can do for you in your new apartment.
Having insurance is a basic need for most adults, but basic policies may not fit the needs of everyone. This is why some residents of Boise, ID chose to take out extended coverage, in the form of umbrella insurance.
What is the point of it?
The point of taking out an umbrella insurance policy is to go beyond the basic coverage of a specific type of insurance. This does not include the dollar amount, but also the scope of its coverage.
As an example, your umbrella insurance policy can extend your car insurance to also include protection lawsuits.
Other types of damages found in a policy may include:
- Slander or Libel lawsuits — If you are sued due to damages from your spoken or written word.
- Court costs and legal fees — Lawyers are expensive, and courts have varying fees of their own.
- Bodily harm — Sometimes, accidents go far beyond the expectations of your auto insurance, so you will need additional coverage.
- Property damage — Destroying others’ property may have limited coverage among typical plans.
What You shouldn’t Get Umbrella Insurance For
While umbrella insurance goes beyond most regular plans, it still has a few limitations. Do not get it expecting coverage for:
- Damages for business-related activities.
- Malpractice lawsuits, or lawsuits against medical practitioners.
- Covering worker’s compensation.
Umbrella insurance is also limited to protecting your liability, not your own needs. For example, if you have an injury, your primary form of insurance will cover it, not the extended umbrella plan.
If you feel you have a lot on the line, you may need to take out an umbrella plan in case something disastrous happens that will leave you hanging out to dry in court. If you need help considering the right move toward umbrella insurance, consider getting in touch with Fuhriman Insurance Agency if you’re in the Boise, ID area.