If you share an apartment with a roommate, you might be tempted to share a renters insurance policy. But this is likely not a good idea.
This video covers the issues associated with sharing a policy, and the benefits of individualized coverage.
Here's a transcript of the video:
Many experts recommend spending a maximum of 30 percent of income on rent. So, if you live in an area where you can't afford your own place, you might need a roommate.
It's a great way to save money, but it also means you have to consider the costs of living together, including the cost of renters insurance.
While sharing a policy may be possible, individuals can benefit from getting separate coverage.
You own separate possessions, pose your own risks to the property, and have separate insurance histories. Trying to insure all roommates on one policy might actually intertwine separate risks in ways that could prove inconvenient later.
If you share a policy, and a claim is filed for a situation you were not involved with, the claim will appear on your insurance history as well.
This might mean you will pay more for your insurance in the future, even though you had nothing to do with the claim.
With separate policies, each renter can file a claim for their own possessions damage, and therefore have exclusive use of the damage settlement.
Renters insurance is affordable, so you can purchase a policy that is exclusively your own.
Don't take the risk! Get your quote and buy online in minutes at blucanopy.com.
Disclosure: This video is for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state.
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