At Collum Insurance Group LLC in Richardson, TX, we help renters and homeowners navigate insurance coverage and policies. Some of our clients are renters who live with roommates. For these folks, a common question that comes up is whether all roommates in a household should have their own renter’s insurance. While you may be tempted to save some money by having a renter’s insurance policy for the household, there are some key benefits to reconsidering this idea.
Should All Roommates Hold Their Own Renter’s Insurance Policy?
If you are renting a house or apartment with roommates, it would most likely be in your best interest for all roommates to hold their own policy. This is important for several reasons. First of all, if you are all on the same rental insurance policy, you will all be responsible for claims filed on the policy. Even if you don’t room with these housemates again, you’ll have this claim on your record for seven years. This can drive your premiums higher when you get your next renter’s insurance policy.
When you are rooming with someone you don’t know well, it’s crucial to have your own renter’s insurance policy. Otherwise, you might end up uninsured if your roommate doesn’t prioritize the renter’s insurance payments. Having your own renter’s insurance policy also allows you to choose the policy that works best for your needs. The only situation in which it might make more sense to share a renter’s insurance policy is if you and your roommate are in it for the long haul and you share valuable furniture items.
To see how we can help you and your roommate(s) get the renter’s insurance you need, call our office at Collum Insurance Group LLC in Richardson, TX today!