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Instead of Roommate Rental Insurance, You Must Carry Your Own Separate Policy
By admin | February 6, 2010
There are many reasons that you might have a roommate. Perhaps you are in college (or just graduated) and you need someone to share the costs. Maybe you want to live in a nicer part of town but it is not affordable on a single salary. Perhaps you just don’t want to be alone and having a roommate ensures that you feel secure. No matter what reason you have for having a roommate, you should know what you can and cannot share in terms of what you pay for. So, rental insurance, is there such as thing as roommate rental insurance? No, sorry, rental insurance cannot be shared and every roommate will have to have their own policy.
Why isn’t there roommate rental insurance? Well, the bottom line is that an insurance company will only allow joint policy ownership for married couples, that is because they own everything together. In a roommate situation, having a joint policy actually opens up room for fraud. You may be best friends with your roommate, but how do you know that the Fender on the wall was really signed by Steve Vai and has a value of $100k. You don’t, and as such, your roommate is legally responsible for what they represent on their own insurance policy for their items, just as you are for what you claim on your insurance policy.
Many apartment complexes require their tenants to have rental insurance, and they will not accept your roommate rental insurance as coverage for your own items, you will have to provide a policy of your own. If your landlord does not require you to carry renters insurance, is it always a good idea to have coverage anyway. Think about it. You may be the most responsible person in the world, but what about your neighbor or your neighbors kids, are they responsible? Do you want to risk losing your possessions and their value because your neighbor left the grease on the stove, which was still on and set the entire place on fire?
Okay, so there is no such thing as roommate rental insurance. Never fear, renters insurance is very inexpensive. You can get a policy for as little as fourteen dollars a month (of course this varies depending on where you live and how much your possessions are worth), and when you think about the protection it offers, that is a darn good deal!
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