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If you rent your home, you might assume that your landlord’s insurance will also cover your personal possessions if your place is damaged in a fire or serious storm. However, their coverage only extends to the building itself and doesn’t include your own personal possessions. If you have roommates, you should also know that your renters insurance only covers the belongings of the person named on the policy. While some insurers do allow roommates to purchase a policy together, it may not always be the best option.

Renters Insurance & Roommates

Purchasing Insurance Together

renters insuranceBuying a policy together and splitting the premium may seem like a good way to save money. If your insurance company allows it, each roommate in the house will be listed as “also insured” under the policy, meaning their possessions will be covered against damage or theft. However, this may not always be the best approach, and it could wind up costing you more in the long run.

Why You’re Better Off With Your Own Policy

When calculating your premiums, the insurance company will also weigh your roommates’ history, which could bump up your rates. For instance, if anyone in your household has filed a fire claim in the past, the policy premiums will be higher for everyone in the policy. Furthermore, if you or your roommate moves out, you might have problems canceling the policy. Because renters insurance is generally so affordable, each person in the house is usually better off getting their own policy.
 

The insurance professionals at BestRate Auto Insurance pride themselves on providing high-quality policies to protect what’s most important to you. With offices in Statesboro and Vidalia, GA, these insurance experts offer renters throughout the area affordable coverage and personalized attention. Follow their Facebook for more insurance tips and advice, or visit their website to request your free renters insurance quote. To speak to someone in their Statesboro office, call (912) 489-5942, or (912) 403-3250 to reach their Vidalia location.

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