Roommates – Separate Renters Insurance?

Many people who rent a home or apartment have roommates that live with them to help share the cost of the rent and all the bills. While having a roommate is not uncommon, most don’t realize that they can not share one bill – their renters insurance.

Renters insurance covers the possessions inside the home that are owned by the renter. This coverage does not include any of the fixtures, the building itself or the appliances, unless the renters owns that appliance themselves. The landlord has dwelling insurance that covers the building and everything that he or she owns inside the building, including furniture if it came as a furnished apartment.

Your possessions and your roommate’s possessions are two totally different things in the eyes of an insurance company. Because you both own things inside the home, you should each have coverage for your own things. If you have a roommate, you should have your own policy to cover your belongings and he or she should have their own to cover their belongings - make sure they know that your insurance will not cover their belongings if something should happen and they were lost, damaged, ruined or stolen. Vice versa, your roommate’s insurance will not cover your property either.

When you talk to your insurance agent about renters insurance, be sure to tell him or her if you have a roommate or not. They may ask, but they may not. A roommate is considered to be someone that you live with whom is not related to you or you are unmarried to or uninvolved with. Your spouse doesn’t need separate renters insurance because you co-own most of what is in your home.