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 not have to be on the lease to be added to the policy!
- Only two unrelated people can be on a single policy. Therefore, any additional roommates will need to buy a separate policy!
- There’s no extra charge to add a roommate. It won’t change your premium either. However, the price will increase if you add more valuables to the coverage, but you’ll likely be splitting the cost!
- Theft by a roommate is not covered by insurance, whether they are on the policy or not.
- If you ever file a claim, the check will be made out to both roommates.
The moral of the story is to make sure you’re on good terms with the person capable of holding your claim check hostage! Keeping on their good side is also a good idea so that they don’t raid your side of the fridge at night.
It’s recommended that each tenant in an apartment or rental home gets their own policy, but you’ll have the option of adding a co-applicant when you get your renter’s insurance quote.