Does Renters Insurance Cover My Roommates?

Most renters split the cost of a house or apartment by having roommates. So do you just need one renters insurance policy to cover the entire apartment?

Unfortunately, there is no easy answer to this question.

Yes No

Separate Policies For Each Roommate?

Many companies recommend that each roommate take out their own individual renters insurance policy. This is the least complicated way to insure your rental unit. Each roommate makes an inventory of his or her property. Their policy covers the property listed in that inventory.

Having separate policies makes sure that each roommate has liability coverage. Liability coverage protects your from legal damages if someone gets injured in the apartment.

One Policy For Everyone?

Some companies will allow all the residents of an apartment or house to be listed on a single policy. Under this arrangement, all of your roommates’ names are on the policy.

If you get one policy to cover all of your roommates, you need to be sure that the policy provides enough protection to cover everyone’s property. You may also need to increase the amount of liability coverage if you’re sharing the policy.

Sharing a policy can get complicated, especially if the living arrangements are short-term. When a roommate moves out, their name needs to be taken off the policy. If a new roommate moves in, their name needs to be added. Otherwise, their property may not be covered.

If you and your roommates are only living together for a short time, you may find it better to get separate policies.

Unmarried couples and people in long-term relationships should think about having separate policies. Some policies extend coverage to “domestic partners,” but most do not. It can get complicated if you and your partner have joint property. Usually, you’ll be better off keeping separate inventories of property and covering them under separate policies.

Need to find out more about getting insurance to cover you and your roommates? Talk with our network of agents. Fill out an easy online form, and you'll be contacted with free quotes.