Sharing an apartment with a roommate means there are certain things that you both will use or have access to. That’s part of the ‘roomie’ advantage. But when it comes to renter’s insurance, can you also share that with your roommate?
Renter’s insurance is important and costs very little. It protects you from burglary or disasters caused by weather, fire or other damaging events.
Some insurance companies allow roommates to share renter’s insurance, but there are a few valid things to consider first.
It could save money to divide the renter’s insurance with your roommate, but remember that any claims your roommate has on their record, goes on your record, too.
If your roommate moves out, who pays for that other half? It’s best to have an agreement before buying the policy that this sort of thing will be responsibly handled. Still, there is a good chance that problems could arise.
Most insurance companies recommend that each renter have their own policy. Renter’s insurance policies are not expensive and well worth the investment.
Think about these things if you do decide to share a renter’s insurance policy:
Make an inventory of your possessions and personal property and calculate the value. That will help you determine how much coverage is needed.
Sit down with your independent insurance agent and get the best advice about a renter’s insurance policy. Find out if sharing a policy is the way to go.
Also, speak with your roommate about the financial aspects of your sharing an apartment, and include the renter’s insurance as part of the discussion. Talk through about the way to manage a payout in the event of a loss.
And last, but not least, ask your agent about discounts. Is there a discount if you share the cost? If you have renter’s insurance and auto insurance both with the same insurance company, you may qualify for a discount.