A renters insurance policy will not cover the insured’s roommate unless he or she is included in the policy. Roommates are excluded from all renters’ insurance policy coverages, including personal property, liability, and loss of use in the event the rental becomes uninhabitable. Whether you share the policy or not, it is always wise to ask an agent or insurance company about discounts. And not just for a little bit – your insurance history could follow you in the future when you apply for homeowners insurance, and past claims could mean premiums that are hundreds of dollars higher.
Your renters’ insurance usually doesn’t cover your roommates’ stuff, unless they’re related to you or their names are on your policy. An insurance agent can assess how much coverage you need and explain the pros and cons of sharing insurance with a roommate. Normally, when you take out renters’ insurance, you provide the insurance company with a list of your belongings and the estimated value. If you have roommates or are thinking of having roommates, each roommate should have his or her own renters’ insurance policy.
However, a college student living off campus or any other adult renting a flat or house should have renters insurance. Your renters insurance premium is based on the amount of money it would take to replace your personal belongings, not those of other people living with you. To make sure you get the best price for your renters insurance coverage, you may want to shop around and get quotes from several different insurers. If you already have car insurance, you may be able to get discounts by bundling your renters and car insurance with your provider.
Adding renters insurance to an existing car policy can be surprisingly affordable, thanks to bundling discounts, and the savings on your car insurance could be enough to minimise or even negate the cost of adding a renters policy. While you and your roommate could meet your landlord’s requirements by sharing the same renters insurance, getting your own policy may be a better idea. If a roommate leaves before the end of the policy term, you may have to reapply for insurance or update the existing policy. If you share a policy and your flatmate has a claim that does not affect you, that claim will appear on your insurance history and could influence your insurance costs in the future.