If you are renting an apartment or a home and have roommates, you may find yourself wondering if a renters insurance policy covers all of the roommates in the home or just one person. This is a question that we at Idaho Select Insurance, serving Meridian, ID, are often asked. Here is information you will want to know if you are in this situation.
Does Renters Insurance Cover One Person or the Whole Household?
Renters insurance policies can be written to cover one person residing in a shared home or apartment, or everyone residing in a shared home or apartment. It all depends on who is listed on the coverage page.
What Are the Benefits of Sharing a Policy?
Often times, you share items with your roommates. You may have each paid half toward the couch or the television, or you may share pots and pans. Sharing an insurance policy makes it easy to divvy up the money in the event of a qualifying event. Sharing a policy can also be cheaper than buying individual policies unless one roommate has prior claims on their history.
What Are the Disadvantages to Sharing a Policy?
The disadvantages to sharing a policy is that the check will come in all of the roommate’s names, which makes it challenging to divvy up the money. Also, one roommate may suffer a loss, and the others may not. But if a claim is filed, it counts against all of the roommate’s history in the future for obtaining renters insurance.
If you are looking to purchase a new renters insurance policy, either for yourself or for everyone who resides in the home, Idaho Select Insurance, serving Meridian, ID can help you. Contact us today to receive quotes for various insurance policies and determine which is the best one for you.