Let’s start by covering a little background on renters insurance. Renters Insurance is very important and a must for anyone living in a rental. A landlord will have insurance on their building, but your stuff inside the building is the problem. The landlord has no insurable interest in your belongings, meaning their coverage would not cover any of your stuff. Renters insurance is coverage for your personal property. The limit amount depends on how much contents coverage you want covered or need. Another part to renters insurance is it provides personal liability coverage. This would provide coverage if you are found liable with many situations. For example someone falls off your balcony, trips over a piece of furniture or while running you trip up a bicyclist. It provides coverage at your home and also wherever you are. If you have renters insurance you have coverage to your policy limits.
Now back to your roommate. Possibly some companies will allow you and one other roommate to be on the same policy. If they are on the same policy with you there can be plenty of confusion. Trying to figure out how much to cover for both of your belongs and who has what when a claim is made. There is also the situation that if your roommate makes a claim on your policy it will tarnish your claim history possibly raising future insurance costs. The other option is that each of you get your own renters insurance policy. This is usually the best and our recommendation. So let your roommate get their own renters insurance and both of you will have the protection you need for now and in the future.
If you would like to discuss any of your insurance needs and questions, please contact one of associates by calling 517-337-6000 or visiting our website www.hksagency.com.