Do All Roommates Need Renters Insurance Before Moving In?

What is Renters Insurance?

Renters insurance typically has three different types of coverage:

Personal property: Protects your belongings, such as furniture and electronics, if they are accidentally damaged, stolen, or destroyed by a covered loss.

Liability and medical expenses: Coverage for your liability if you damage someone’s property or someone is accidentally injured on the premises of your rented property.

Temporary living expenses: Provides for your reasonable and necessary expenses to live elsewhere if your rental property becomes temporarily uninhabitable.

Do All Roommates Need Their Own Policies?

Many landlords require tenants to have renters insurance for property or liability. Renters insurance traditionally only covers the named policyholder; therefore, each tenant should purchase their own renters insurance policy.

College students may be covered by their parent’s homeowners policy if they live on campus.

Benefits of Individual Renters Insurance Policies

The renters insurance policy is issued in your name only and protects your personal belongings and liability. Before selecting a renters insurance policy, you should list personal items along with their worth you want covered on your policy.

While roommates may consider sharing a renters insurance policy, separate policies allow them to best protect their personal property and limit their liability exposure.