One question we often receive from our policyholders is whether or not roommates need to have separate renters insurance policies. The answer is both yes and no, with the final decision depending on your unique situation. Here are a few things to consider.
Where You May Want to Share a Policy
The vast majority of insurance carriers allow up to two unrelated adults to share a renters insurance policy. This means that if you only have one roommate, then sharing is definitely a possibility. It also allows the two of you to split the premium cost between yourselves versus each person paying for their own coverage.
(Note: One important thing to remember is that your roommate is not automatically added to your policy. You will want to talk to your agent directly to get this done at the time of moving in.)
Where You Can’t or Might Not Want to Share a Policy
However, there are situations where you can’t share a policy or may not want to do so. For example, if you have more than one roommate, you will have to each get separate coverage. But there are a variety of different scenarios that make choosing to get individual renter’s insurance policies an important decision.
Those who are sharing a house or apartment with someone that they don’t really know or trust should consider individual policies. Why? Having coverage together means you are linked together. If there is ever a claim, both of your names will be on the claims check. If you are in a situation where the two of you no longer get along or someone moves away, this can make things difficult.
Ultimately, the decision whether or not to have separate policies is up to you and your roommate. For a no-obligation renters insurance quote, please contact our team at the Fuhriman Insurance Agency today.