Category: Renters Insurance

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.

Getting renters insurance with a roommate might seem to make sense. When sharing a kitchen, common living room, and often food, why not also share an insurance policy? After all, you could split premiums and pay half. While it’s true that getting renters insurance together would let you split premiums, this is generally advised against for a few different reasons.

Renters Insurance: Making An Independent Choice

Renters Insurance Fits Your Budget

One of the primary misconceptions is that renters insurance is costly, thus necessitating a shared policy to save money. Renters insurance is generally affordable, though, and can easily fit into the budgets of most renters in Omaha, NE. To see how affordable it is, we at Insurance Solutions LLC can help you check policies.

You Control the Features of the Policy

With your own policy, you control the coverage deductibles and limits. Purchasing one with your roommate requires that you both agree on these terms, and your roommate might want less coverage than you.

Getting Paid for a Claim Could be Delayed

Sharing a renters insurance policy with a roommate can lead to complications if you need to file a claim. Both policyholders must agree on the details of the claim, which can be difficult if there’s a falling out between you and your roommate. It also could be minorly delayed if your roommate leaves Omaha, NE later and is difficult to reach. If they don’t sign papers promptly for any reason, your claim payment could be delayed at a time when you especially need it.

Your Roommate’s Claim Could Increase Your Future Rates

If your roommate files a claim, it could increase the premiums for both of you. Even if the claim is only for your roommate, your future rates would likely rise.

Get Renters Insurance

If you’re in Omaha, NE and need renters insurance, contact us at Insurance Services LLC today. 

Are you a renter in the Omaha, NE area? If so, Insurance Solutions LLC can provide you with the insurance all renters need.

What is renters insurance?

It protects your personal belongings against loss or damage and protects you in case someone is injured while on your property. The premiums are very affordable, averaging between $15 and $30 per month, depending on your location, the size of your rental unit, and your possessions.

Remember that your landlord’s coverage is for the structure of the building. It will not insure your personal property. Some people assume that their owner/landlord has insurance coverage that protects them against loss, therefore choose to go without this coverage.

Your personal possessions that you have worked hard to acquire should be insured against damage or loss. If your home or apartment becomes uninhabitable due to damage, some policies will cover the cost of a hotel and other living expenses.

There are two basic renters insurance policies:

• The broad form covers personal property against events such as theft or fire. This is more commonly purchased. Typical coverage under this type of insurance covers damage from lightning, fire, smoke, explosion, theft, vandalism, and water-related damage from property utilities.
• The comprehensive form provides more extensive coverage for a variety of events unless specifically excluded by the insurance policy. The premiums for this policy could be higher. If you live in an area prone to flooding or violent storms, you will need to purchase a policy that addresses this concern.

Reach Out To Us

Make sure your personal possessions are protected. For just a few dollars a day or less, you can ensure that if something happens in your rental unit, you will be able to replace all your belongings.

Insurance Solutions LLC in Omaha, NE can provide a quote or answers to any questions you may have. Contact us today.