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Having a roommate can be a great way to save money and keep household costs to a minimum. However, making sure you have the appropriate level of renter’s insurance coverage is also important. Here are three tips to consider.
Tip #1: Make Sure You Talk to Your Agent
Talking to your agent is important when you have a roommate. This discussion should take place fairly soon after moving in together, as your policy does not automatically cover your friend’s belongings unless certain guidelines are met. Find out whether or not your renter’s insurance carrier requires you to each have your own policy or allows to add your roommate’s name to your current coverage.
Tip #2: Decide Whether or Not to Have Separate Policies
The decision to have separate policies or be on the same one together is also important. While sharing coverage does allow you to split premium costs, there are some drawbacks. If you or your roommate have a falling out or one moves away, it can be difficult if you have a sudden claim as both of your names will be on the reimbursement check. Sharing coverage also means that you are responsible for splitting the payment to replace your stuff. This can get very messy if the two of you are not on the same page, which is why many roommates just opt to have individual renter’s insurance policies.
Tip #3: Understand That Intentional Acts Aren’t Covered
Another important tip to remember regarding roommates and renter’s insurance is that intentional acts aren’t usually covered. This means that if you end up with a nightmare of a roommate who damages or steals your stuff, your policy most likely won’t pay for reimbursement.
Do you have questions regarding renter’s insurance? Please contact our team of professionals at McCormick Insurance Inc. for more information.