At Insurance Solutions LLC in Omaha, NE, we help renters with and without roommates protect their rental units against liability and more. When you live with a roommate, sharing a renter’s insurance policy for convenience or reducing living expenses can be tempting. Although sharing a renter’s insurance policy might seem like a good idea at first glance, you should consider whether that option is right for you.
What Is Renter’s Insurance?
Renter’s insurance may protect renters against liability, reimburse some of the costs associated with stolen valuables, and potentially cover damage related to disasters. Renter’s insurance differs from landlord’s insurance by protecting the tenants rather than landlords. Some leases may require it, but even if they don’t, it’s wise to have coverage before you need it rather than wish you purchased it when it’s too late to use it. Every renter’s insurance policy is different, so you should look at your specific policy to know what it does and doesn’t cover.
Should You Share a Renter’s Insurance Policy with Roommates?
When you have roommates, sharing a renter’s insurance policy can be less than ideal. When you have the same renter’s insurance policy as a roommate, the limits might not be enough to cover both of your needs. Additionally, if you and your roommate have valuables that need coverage, you may not be able to cover the total cost of replacing all the valuables if they’re stolen. To avoid risking a situation where your liability expenses exceed your renter’s insurance policy limits, you should get an individual insurance policy.
Contact Us Today
To help you cover your apartment, call our office at Insurance Solutions LLC in Omaha, NE.
