Do I need renters insurance if my roommate has coverage?

Renters insurance is a type of insurance policy that protects the contents of a rented dwelling. It is extremely important for renters to have renters insurance, because otherwise their items will not be covered in the event of theft or other damage. Many renters do not have renters insurance because they assume their property is covered under their landlord’s insurance policy, but this simply is not true. A renter needs to maintain their own insurance policy to remain safe.

Even if your roommate has an existing renter’s insurance policy you will still need one, unless you are listed by name on your roommate’s policy. Husbands and wives, for instance, may be able to create a single policy together. Roommates can do so, but it’s usually not advisable because it adds complications and truly isn’t necessary. Each roommate can have their own insurance policy which covers only their own individual items, and this will make it easier for each roommate to keep an accurate inventory of their property for any potential claims.

For more information about renters insurance as well as other forms of personal and commercial insurance policy contact American Premier Insurance.