Does Renters Insurance Cover Roommates?

If you are moving into an apartment with a roommate, they will not be covered under your renters insurance unless their name is listed on the policy. If your roommate is listed as an insured on your insurance policy and their possessions are ultimately damaged or destroyed in a covered loss, your provider may pay to repair or replace the items up to the policy’s limits and minus your deductible.

What Does Renters Insurance Cover?

The typical renters insurance package will cover the following:

• Deductible: The amount you are responsible for to cover each time you file a claim prior to the insurance kicking in.
• Personal property: Covering the cost of replacing your belongings if they become damaged or stolen.
• Personal liability: Covering legal costs from property damage or injury.
• Loss of use: Paying for accommodations if you are forced to leave the residence.
• Safety features: This can include things like burglary alarms and smoke detectors, resulting in discounts.
• Add-ons: You can customize your policy to increase payout limits for certain items, or tack on earthquake cover or identity theft.

Do All Roommates Need Renters Insurance?

The majority of insurance companies do require roommates to have their own separate policies instead of letting roommates be on a policy together.

If your landlord or property management company does not mandate renters insurance, then you and your roommate(s) are not required to carry this policy.

Can I Add A Roommate To My Renters Insurance Policy?

Assuming both your state and insurance provider allow it, you could add a roommate to your policy. Verify that this is allowed by your provider beforehand as some won’t add an additional insured who is not a spouse or relative.

Keep in mind that any claim your roommate filed might appear on your insurance claims history. For insurance purposes, friends, domestic partners, and unmarried couples may all be considered roommates.

What Are The Cons Of Adding A Roommate To Your Policy?

There are a few reasons why you may want to avoid adding a roommate to your renters insurance policy, including:

• If there is a falling out or simple dispute between you two, it could complicate any potential insurance claims.
• You will need to adjust the policy each and every time roommates move in and out.
• If your roommate suffers a covered loss on your policy, you both must file a claim on your records, which can cause insurance rates to increase.

How To Get Renters Insurance

Obtaining renters insurance is already quick, but there are a few things you can do to speed up this process:

• Having residence information ready: Know details like damage and safety features of your residence. You may have to do a little digging if you are renting an apartment or home for this information.
• Coverage amount: Know exactly how much coverage you’ll need ahead of time. You can get a good idea by making a home inventory of all your belongings. Figure out the total costs and how much you’d need to repair or replace them.
• Personal information: You will need to verify your previous address, Social Security number, and decide if you want to add an individual to your policy. Have your payment method ready at this time.