Sharing Renters Insurance With A Roommate

​You've undoubtedly heard of renters insurance if you've been a renter for a while. Among several insurance types available, renters insurance is the most affordable and easy to acquire. But sharing renter's insurance with your roommates may be a bit complicated.

Why Tenants Share Renter's Insurance
Many tenants think that sharing their renter's insurance policy is the best way to save money while keeping them protected. With all the reasons you can find on the internet, you may be encouraged to share your insurance with your roommate. Did you realize, however, that the majority of these explanations are based on incorrect assumptions?

Hence, here are the common reasons tenants like to share their insurance with their co-renters. Nevertheless, remember that these are all based on incorrect presumptions:

• You think that a single renter's insurance policy is enough to protect the inhabitants of a single home.
• You think tenants need to pay the expensive upfront cost of availing renter's insurance policy.
• You presume that each household should avail of one renter's insurance policy.
• You think that renter's insurance companies require other documents to prove your capability to pay.

Why Share a Renter's Insurance Policy?
Honestly, sharing your renter's insurance policy only has one advantage: it helps you cut down expenses. Fortunately, most renters' insurance companies these days offer their policies for at least 10 USD per month. This means that you can avail your own renter's insurance policy without damaging your savings.

Why Sharing Renter's Insurance Is Not Ideal
Technically, tenants can share renter's insurance. This is only possible as long as all roommates' names are listed on the policy. But that is not always a good idea because of the following reasons:

• When one of your roommates files a claim, you will have it on your insurance records.
• Renter's insurance companies offer limited categories for every claim filed. This is applicable no matter how many roommates are included in the shared renter's insurance policy.
• Individuals who file multiple claims can complicate the succeeding claim process.

Final Thoughts
Sharing a renter's insurance policy is popular among tenants with not enough money to avail themselves of their own. However, due to the risks and issues that come with it, this is not the ideal solution. But with the number of companies offering affordable renter's insurance policies, you can acquire your own without spending a lot.

At AllRisk Auto Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (360) 693-4044. Get your free quote today by CLICKING HERE. The coverage discussed is not guaranteed. Please contact our agents to make sure you have adequate coverage and your needs are being met. We are happy to help!