Email an Agent
Click to Call
Get Directions
Renting an apartment in Escanaba, MI, with a roommate has many advantages, including sharing rental expenses. However, there is one expense you cannot share with your roommate — the renter’s insurance. Unfortunately, if not related, each roommate must purchase their renter’s insurance policy. If unsure if you need separate renters insurance policies, call the experts at Luft Insurance Agency.
Does My Renters Insurance cover my Roommate?
Essentially, a roommate is not covered by your renter’s insurance policy because your policy does not include that risk. Renters insurance is based on a long list of factors designed to price the cost for an individual. The only possible exceptions are when the roommate is a sibling, adult child, or significant other.
Do All Roommates in Our Apartment Need Renters Insurance?
Each person should have their renter’s insurance policy when living with roommates. Having individual policies is necessary because if only one person had the policy and the other roommate caused a fire, the one with the policy would file a claim. The claim could affect the cost of future policies and may open the policyholder up for being held liable for the fire.
Can’t We Save Money With Only One Policy?
The biggest argument for roommates to only have one renter’s insurance policy is it helps save money. However, the savings are small, and it is not worth the risk the policyholder carries. Additionally, when filing a claim, the policyholder should not attempt to claim property that is not theirs. For example, suppose there is only one policyholder. In that case, it means, if someone breaks into the apartment and takes all the computers, the policyholder should not claim the loss of their roommate’s computer. Most insurance companies consider this fraud.
Roommates need to learn the ins and outs of renters insurance to ensure they have the protection they need for their Escanaba, MI residence. Get the security and peace of mind you need when renting by calling Luft Insurance Agency for renters insurance options.
