3 Things To Remember About Renters Insurance For Roommates
Just because you live with roommates, it does not mean you don't need to protect your belongings. From theft to fire, your belongings are subject to the same risks they would be if you lived alone. However, it would be unfair to say that renters insurance when you have roommates is slightly different. Here are some factors to keep in mind.
1. Lease Agreement
A roommate living arrangement can be set up where each party living in the space is on the lease or just one of them. When it comes to renter's insurance, keep in mind that your name does not have to be on the lease for you to obtain renters insurance for your property.
The main thing to remember about renter's insurance is that it's also designed to protect your belongings, so whether or not your name is on the lease doesn't matter. If your name isn't on the lease, make a detailed inventory of your belongings so that you know what you can claim on your own policy.
2. Sharing Policies
Depending on the state that you live in, you might be able to share a policy with your roommate. This option is a very good idea if both of your names are on the lease because it helps guarantee protection for any physical damage to the property that you or your roommate will be liable for, as well as your personal belongings.
Again, only certain states allow this arrangement, so you will need to do your research. If you do share a policy and make a claim, remember that all payments will be made out to you and your roommate for added protection.
3. Trustworthy Roommates
Whatever you do, don't simply trust your roommate to get a policy in their name with a promise that he or she will cover your belongings. When it comes to a renter's insurance policy, the company is only obligated to do business with the party named on the policy. As a result, if there is ever a valid claim on the property, the insurance company will send out a check payable to your roommate.
If the roommate doesn't reimburse you for your damaged property, there isn't anything you can do about it. Have your own policy to ensure that you are fully protected. It's also important to note that insuring an item that is not yours could also be a form of insurance fraud, so it's best to stay away from this practice altogether.
If your property is not protected — make sure you take action now. Contact an insurance professional as soon as possible to ensure your personal belongings are protected.
For more information, contact companies like Woodmansee Insurance Inc.