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Do both roommates need renters insurance?
I just moved out of my parents’ place to live with a roommate. We found an apartment we love, but the costs are already adding up. Do we both need renters insurance?
Natalie Todoroff · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Living with a roommate can be a lot of fun! Sharing insurance, though? Not so much.
Both tenants are not legally required to have renters insurance in most states. It may be tempting to share a policy to save some money in the short run, but doing so could have some serious disadvantages:
- Renters insurance only covers the person listed on the policy. So if your roommate registers the insurance for the apartment in their name, but one of your belongings is damaged, you won’t be covered.
- Claims can get tricky. Let’s say you’re the policyholder and your roommate files a property claim for one of their belongings. That claim will end up on your insurance history and could potentially raise your rate in the long run.
- Differing coverage needs. Splitting the cost 50/50 can get difficult if your insurance needs are different, like if one roommate owns more valuables. In that case, splitting it equally is just plain unfair.
- Roommates can change. Roommate living situations are bound to change as jobs and other life opportunities arise. A roommate could leave before your policy is up, leaving you uninsured.
While it may not be required, you’re probably better off having your own
renters insurance policy
—and Jerry
can help you find it. Jerry provides you with
quotes
from many top insurance providers on your phone to get you the best rate. Signup takes only a couple of seconds, and there are no long forms or phone calls. Just savings! View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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