Renter’s insurance is an excellent way to protect your belongings in a rental property. Many policies cover incidents such as water damage and theft. However, the situation can become complicated when a roommate moves in. Does the renter’s insurance cover their belongings?
Who’s Listed on the Policy
Insurance companies, like Midwest Professional Insurance, may not be obligated to cover your roommate’s belongings if they are not listed on the policy. When you purchase the policy, you specify who can file a claim. To ensure coverage for a roommate’s belongings, the policy must include them.
Policy Complications
Adding a roommate to your insurance policy can introduce several complications. Many policies have limits, such as covering a specific amount for electronics. Multiple parties will have to share the payout if a claim is made. Furthermore, your roommate can also file a claim on the renter’s insurance policy, which could affect your premiums and deductibles.
What Should You Do?
Many people hesitate to add another person to their policy, especially if the living arrangement is temporary. They also may not want to share the payout intended to cover their personal belongings. We recommend consulting with a professional to explore the possibility of each person having their own policy.
Contact Midwest Professional Insurance
Renter’s insurance does not automatically cover your roommate’s belongings, even if they live in the same house as you. It only covers the people and property listed on the policy. Therefore, your roommate should consider getting a personal renter’s insurance policy. A professional agent at Midwest Professional Insurance, serving the Kansas area, can help them find a policy that will provide compensation if their personal property is damaged or lost.
