5 Things You Need To Know About Getting Renters Insurance with Roommates
Renting a place with roommates can be an exciting venture, from finding the perfect apartment together to splitting the bills and creating lasting memories. But have you considered the importance of renters insurance when living with roommates? In this article, we will explore the key things you need to know about getting renters insurance with roommates to ensure everyone’s peace of mind.
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1. Separate Policies
It is essential for each roommate to have their own renters insurance policy to ensure that their personal belongings are adequately protected. By having separate renters insurance policies, each roommate can also avoid being held responsible for damages or liability claims caused by the actions of another roommate. Therefore, it’s important for each roommate to have their own renters insurance policy to ensure that they are fully covered and protected.
2. Liability Coverage
One essential aspect of renters insurance is liability coverage. It protects you in case you accidentally cause damage to the rental property or if someone gets injured while visiting your home. It’s crucial to understand whether a joint policy provides liability coverage for all roommates or if individual policies are needed.
3. Shared Belongings
Living with roommates often means sharing furniture, electronics, and other belongings. When getting renters insurance, it’s important to discuss coverage for shared belongings. Determine if the policy covers all roommates’ shared items, or if each roommate needs to list shared assets separately on their individual policies.
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4. Additional Named Insured
Some insurance companies offer the option to add roommates as additional named insured on a policy. This means that all roommates are covered, even if they are not listed as the primary policyholder. It’s worth discussing with your insurance provider to see if this is a viable option for your rental situation.
5. Splitting the Cost
Discussing the cost of renters insurance can sometimes be an uncomfortable conversation. However, it’s important to address how the cost will be divided among roommates. Calculate the total cost of the insurance and find a fair way to split the expense, whether equally or based on the value of each roommate’s belongings.
APOLLO is Canada’s leading provider of tenant insurance, designed specifically for renters and customizable to your lifestyle. Get your free quote in less than a minute and we’ll send your policy documents right to your inbox.
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Originally published July 7, 2023, updated August 9, 2024
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