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Does each resident need renters insurance?
I’m moving into a new apartment with a coworker, but I’ve never had a roommate before. Our lease requires renters insurance, but does each resident need their own policy?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Living with a roommate can be both a blessing and a curse, but I hope you’re getting excited about the move!
Each resident doesn’t need their own
renters insurance
policy. You can share a policy with your roommate if both your state and insurance company allow it. That said, just because you can share a policy doesn’t mean you should. Considering renters insurance is usually only about $5-$30 a month, you won’t save much money by sharing a policy. Additionally, sharing a policy might not be the best idea because:
- Any claims made will go on both of your records and could increase your premium, even if your property wasn’t damaged.
- Claim checks will be issued using both of your names and must be endorsed by each roommate.
- The coverage limits may not be high enough to cover all of your belongings.
- Removing a roommate from the policy can be difficult.
Rather than share a policy, you and your roommate can save money on both your renters and
car insurance
policies by using Jerry
. A licensed broker that offers end-to-end support, the Jerry app gathers affordable quotes, helps you switch plans, and will even help you cancel your old policy.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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