If you’ve already purchased renter’s insurance, you might think your roommate is off the hook (or if your roommate has already purchased renter’s insurance, you might think you are off the hook). This might not, however, be the case. There are situations in which you might be able to share renter’s insurance, but if you have only purchased insurance to cover your items, they will need their own policy.
Sharing Insurance
You may be given the option to share renter’s insurance with your roommate. There are both pros and cons to this decision, the pros being a lower payment for both of you to cover the entire apartment and both of your belongings. The cons, however, include having to be responsible for claims that the other person makes. This might not be an issue if your roommate is responsible and reliable and is not likely to file a large claim that only covers his possessions, but could be a serious roadblock if your roommate is likely to file a claim like this.
Separate Policies
The biggest benefit of getting separate policies is that you only have to be responsible for your things and the claims that you would potentially file. Of course, if there are items that you share in the apartment (for example, a television that both of you paid equally for), it can be difficult to determine who is going to be responsible for covering what.
With separate policies, the claims that the other party makes will not go on your insurance history, which means that you are less likely to have trouble getting inexpensive coverage in the future. If the policy that you purchased covers only your things and the structure of the apartment, your roommate will need a policy, too.
