Renter’s insurance protects your belongings and living space!
From the kitchen to the living room to your favorite sweater, most roommates share everything. Roommates are often the siblings you never asked for (or got), but there’s a mutual likeness when sharing a living space with another human being day in and day out.
Whether you watch reruns of The Voice together every night, or stay in your room to avoid awkward small chat, many roommates think that if one of you has renter’s insurance, the coverage extends to the entire apartment and all of the contents.
This is a costly misconception. Renter’s insurance protects the property of the people listed on the policy. Unless your roommate is listed as an additional insured on your insurance policy (or is a domestic partner, spouse, or a member of your family), their things will not be covered.
Here’s the lowdown on renter’s insurance for roommates:
A roommate does ...
Get to know your insurance policy by understanding the terms!
Fumbled by jargon? Stumped by specifics? Perplexed by policies? You’re not alone! Trying to understand an insurance plan is like reading a technical manual in a foreign language – that’s why insurance agents must be well-trained and knowledgeable!
So that you can properly understand potential policies and find the best coverage for you, here’s a breakdown of what insurance terms mean.
Open enrollment: This is the period you’re allowed to sign up for next year’s insurance. Most insurance companies allow you to choose your coverage for the next year during a specific amount of time that is “open enrollment” unless you’ve changed jobs or had a qualifying life event!
Premium: This is your monthly bill! Therefore, your monthly premium is what you pay for your insurance policy.
Deductible: The total amount that you have to pay out-of-pocket before insurance kicks in. If you have ...