Roommates and Renters Insurance

Just like many other things in life, decent apartments don’t come cheap. At times, you will be forced to look for roommates to save money on rent and other things. While it’s alright to do so, think twice before applying the same logic to your Victorville renters insurance. For a moment, you might be tempted to get a joint policy with your roommate so that you can split the monthly premiums, but this is more complicated than it sounds. Let’s break it up for you.

Is it possible to get joint renters insurance with your roommate?

Under normal circumstances, your renters insurance will not cover your roommate’s belongings. Depending on the insurance company in question, it might or might not be possible for you and your roommate to have a joint renters insurance policy. Such a policy will cover loss of property and valuables owned by you and your roommate. Additionally, it also provides liability coverage i.e. it protects its owners in case they are being sued by a third party.

Should you get a joint renters insurance policy?

Nine out of ten times, the answer to that question will be a strict “no.” Having said as much, there are certain advantages of getting joint coverage. First, while buying renters insurance, you will be required to make an inventory of all your possessions, which will be covered under the policy. Now, when you are living together, it becomes difficult to draw a line between “my” and “your” things. For instance, if you bought appliances like a television set or a washing machine for the house by pooling funds, their ownership is strictly collective. Therefore, if you have a joint policy, there won’t be any problems dealing with such items and sharing the insurance coverage, if it ever comes to that. Second, you will end up saving some money by splitting the premiums.

However, if you were to assess the situation closely, you will realize that the cons outnumber the pros by a comfortable margin. The amount of your premiums will be based on the collective value of all your possessions. If you get a joint policy, you might have to pay a higher premium for your roommate’s swanky DSLR camera. To the contrary, if you get separate insurance, your premiums will be based purely on your belongings. Also, understand that an insurance policy is a legally binding contract. In case of a joint policy, your insurance rating might be affected if your roommate is involved in a legal conflict. Roommates can also be flaky i.e. they might bail on you if they find a better apartment or if they want to move in with their partner, etc. Every time this happens, you will have to get the policy modified. Do you really want to put in so much effort just to save a few dollars? Finally, what if your roommate is the one responsible for the loss of your property? With a joint policy, you won’t be able to take legal action against her since she will be one of the owners of the policy. However, if you have your own renters insurance, you can legally sue her and claim compensation.

For all these reasons, separate renters insurance policies are considered safer and hassle-free, especially if your roommate isn’t a close friend. Alternatively, if you have a mutual code of understanding, you can always consider getting joint renters insurance.

For more information about renters insurance, call Key City Insurance today at 866-466-2109.