THURSDAY, MAY 21, 2020
 Having a roommate can save you a lot of money when renting an apartment or home. Unfortunately, it also adds some risks when it comes to insurance. While roommates can be added to your insurance policy, this isn’t recommended.
To have a roommate and their belongings covered under your insurance policy, you must have them written as a covered party. Renters insurance covers three main areas:
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Personal belongings: Personal belongings coverage provides compensation for personal belongings that are lost or damaged due to fire, lightning, smoke, theft, vandalism and more.
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Liability: Personal general liability insurance covers claims of bodily injury and property damage that occur on the rented property. For example, if someone trips and twists their ankle in your apartment, this insurance can help with their medical bills and potential legal bills if the victim decides to sue.
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Additional living expenses: Additional living expenses covers expenses related to temporarily moving if the rented property is rendered uninhabitable by a disaster.
Keep in mind that a single renters insurance policy’s limits may not cover two people and their belongings. A basic renters insurance policy only covers $10,000 in personal belongings coverage. If a fire destroys you and your roommate’s property, the policy may not cover everything. The same applies to liability.
In general, it’s recommended that roommates carry their own individual renters insurance policies in order to guarantee each will be covered. It’s also important in case a roommate moves out. If you are covered under your roommate’s insurance policy and that roommate moves out, the policy follows them, leaving you without coverage. Renters insurance policies aren’t transferable, so you would have to purchase a renters insurance policy in order to have coverage. Also keep in mind that most landlords require tenants to carry renters insurance, so a lapse in coverage can lead to consequences from your landlord.
Does Renters Insurance Cover Pets?
Sometimes, your roommates are furry and can’t pay for their own renters insurance policy. In this case, your renters insurance policy will cover your pets. There are some limitations, however. Renters insurance won’t cover damage the pet causes to the physical rented property. It can cover damage or injury the pet causes to other people and third-party property. Insurance policies may also have limits on certain pets and dog breeds. Breeds that are commonly banned from apartments may also be excluded from renters insurance. Be sure to speak with an insurance agent about who is covered under
Posted 12:17 PM
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