Does my renters insurance cover my roommate?

If you are renting in Jefferson City, MO, you understand how important it is to protect your belongings. Getting a homeowners policy is standard because it is often required for a mortgage, but many people overlook the protection they need when renting.

At Luebbering Insurance Agency, LLC, we understand how important it is to feel secure in your home and to know that you are protected in case of losses. However, many people who are renting have roommates, and it is essential to know how well they are covered, if at all.

As a rule, roommates are never covered by a renters insurance policy. The property owner will insure the property, but the renter only insures his or her belongings. So every person who wants to take advantage of it must be named in the insurance policy.

Multiple People on the Same Policy

Some insurance providers will allow roommates to purchase a policy together. You may be tempted to do so if you can find coverage that saves you both money in the long run. Finding one policy which two people share could mean splitting the total costs in half, and save you both money.

Unfortunately, sharing a renters insurance policy can come with drawbacks. If your roommate files a claim, such as if his computer is stolen, that claim goes against you too since you are sharing the policy. If roommates come and go, that will cause difficulties also, as policies usually cover specific terms. You will need to speak to your roommate ahead of time to decide what to do in those cases.

If you want to see your options regarding renters insurance in Jefferson City, MO, call Luebbering Insurance Agency, LLC today and talk to one of our friendly agents.