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Do roommates need their own renters insurance?
My roommate and I have just settled into our new apartment. We have pretty much the same stuff, but I just have a couple of pieces of jewelry I’d like to insure too.
We’re wondering—do we each need to get our own renters insurance?
Natalie Todoroff · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congrats on settling into the place! In theory, you and your roommate can share one insurance policy for your apartment. However, because you have a couple of more items you’d like to insure, it’s not really recommended.
Renters insurance is not mandated by law, but oftentimes landlords require it as a part of your lease agreement. Sharing one policy can fulfill this requirement and may save you some cash in the short run. But, things could get messy (and fast) should anything go wrong. Consider the following:
- Different belongings You mentioned that you have a couple more valuables you’d like to ensure than your roommate. In that case, a 50/50 split seems pretty unfair.
- Filing separate claims With just one name on the policy, it can be hard to figure out how to file a claim for the other person’s belongings.
- Roommates can move out You hate to hear it, but sometimes roommates can fall out with each other. Should that happen when you’re sharing a policy, you could wind up in a tight spot if you need to file a claim.
However, if you and your roommate are related, it makes more sense to share a policy. Most times, your renters insurance policy will automatically cover spouses and relatives.
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