Does My Renters Insurance Cover My Roommate?

Renters insurance for your protects you and your possessions in the event of theft, vandalism, fire, or another disaster. If you find yourself without a policy in one of these situations, you’ll likely regret not having coverage. But what if you are sharing an apartment or house in Meridian, ID? Can you split a renter’s insurance policy with your roommate? Should it even be a consideration? Here’s what you need to know about sharing a renters insurance policy from the insurance experts at Idaho Select Insurance. 

Just Because You Can Doesn’t Mean You Should 

Many insurance companies allow you to share a renters policy with your roommate, but there are some things to consider before electing to do so: 

Saving money? — Yes, it’s possible that you could save money on your premiums by splitting the bill, but at what cost? Any claim you or your roommate file will go on your record, which will affect the cost of your insurance. For example, if someone steals your roommate’s computer, the claim will go on your personal insurance record even though you didn’t suffer a loss. 

Are You Paying More for Their Coverage? — The value of your combined belongings determines the number of your insurance premiums. What if your roommate has far more expensive possessions? In that case, it’s not fair to be splitting the cost. 

What If They Move Out? — The biggest issue with sharing a renters policy is that both you and your roommate have to be committed to living together for a set period of time, yet career opportunities or personal issues may arise that result in your roommate moving from Meridian, ID to California. It can be tricky to handle a shared renters insurance policy if your roommate moves out and another one moves in. It can also be complicated trying to get their name off your policy. 

For more information about how renters insurance can help you protect your belongings speak to a friendly agent at Idaho Select Insurance today.