One of the key points you should understand about renting a home or apartment is that your landlord's insurance policy only covers their property. To protect yourself and your personal property, you need to purchase renters insurance. However, many renters share their house or apartment with roommates. If this is the case, what is the best way for you to buy coverage? The information below should help you decide.

The Pros & Cons of Splitting a Single Renters Insurance Policy

You and your roommate(s) can purchase a single policy that covers everyone in the household. The main advantage of splitting coverage is that the cost is typically less. Instead of covering the entire premium yourself, you can divide the cost between the roommates. Of course, collecting premium payments may prove troublesome, especially if you have multiple roommates. Moreover, you then have to alter the policy every time someone moves out and another moves in. Lastly, if you must ever file a claim, you receive only a single check to cover all losses, which you must then decide how to divide between you.

The Pros & Cons of Buying Separate Policies

In most cases, it makes more sense to purchase separate renters insurance policies for each adult member — or married couple — in the household. Although each roommate must shoulder the cost of an entire policy and handle administrative details — such as payments and claims — separately, it lets each person tailor coverage to their individual needs. For instance, if you need to cover a valuable comic book collection or stereo system, the cost of coverage won't bleed over into your roommates. Conversely, you can be more certain you'll recover the full amount if you ever need to file a claim. Moreover, the combined liability coverage of multiple policies offers each roommate more protection in the event that you're found jointly liable for injuring someone accidentally or damaging their property.

For expert guidance designing a renters insurance policy to cover yourself and/or a roommate, contact Phil Taylor Insurance Agency in Clarksville, AR. Because of their commitment to service and excellence, they were the recipient of the Johnson County Chamber of Commerce 2015 Small Business of the Year Award. In addition to renters insurance, they also specialize in auto, home, motorcycle, RV, and boat insurance. Visit their website to view locations details and business hours or call (479) 754-2616 to request an insurance quote today.