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Can you split renters insurance?
My old roommate, who was a nightmare to live with, finally moved out. My longtime best friend is now moving in. We’ve been looking over past bills to see where we might be able to save some money. She suggested we split our renters insurance, instead of having two separate policies. Are you allowed to split renters insurance?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Living with a roommate you don’t get along with can be incredibly stressful, so I’m happy your friend is moving in!
Overall, you might be able to split renters insurance, but it depends on where you live and if the insurance company allows it. However, even if it’s legal in your state and the insurance company will issue the policy, it may not be the best idea as:
- Renters insurance only costs about $15 a month, so there isn’t much room for saving.
- Any claims made will go on both of your records, even if your belongings weren’t damaged, which can increase your premium.
- Any claim check paid out will need to be endorsed by both roommates, which can be challenging if your roommate is unavailable or uncooperative.
- The coverage limits may not be high enough to cover both of your belongings.
- Removing a roommate from the policy can be tricky.
Rather than split a policy, you and your roommate can use
Jerry
to compare quotes and save on both your renters and car insurance
policies.After providing you with a comprehensive cross-analysis of the best policies across providers, Jerry will handle the phone calls, paperwork, and renewals for your top pick so that you don’t have to. They even help cancel your old policy! So why do all that extra work when Jerry can do it better?
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- Gregory R.
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