Securing renters insurance is common when moving into an apartment. It provides coverage if personal items go missing or sustain damage and liability protection if a guest gets hurt during a visit. Because of this, many landlords require it before an agreement is finalized. Keep in mind, though, that if your roommate isn't on the policy, protection often won't extend to them. Here’s a closer look at how it works and what you can do to ensure the proper protections are in place. 

Does Renters Insurance Cover Roommates? 

Renters insurance typically only covers those whose names are on the account, although it sometimes extends to relatives, such as dependents. If your roommate isn’t listed, their belongings aren’t eligible for replacement or reimbursement in the case of a covered event. This can be especially tricky for purchases made together, such as a couch or television. However, adding a person to your policy isn’t always the best option either.  

Why Consider Separate Policies? 

Some insurance providers won't allow you to put another person onto your account, as this individual carries their own risks. However, even if the choice is available to you, it might be best to maintain separate policies, especially if you are living with someone you don't know well. 

It’s challenging to gauge another person’s nature, and allowing them to share your account could be asking for trouble. For example, if they let their dog run off-leash and it bites someone, you could be held liable, which could affect your future insurance rates. If you were to try and join their policy and they fail to pay the bill or decide to move out, this could leave you unprotected and might void your lease agreement. Lastly, big-ticket items often need to be insured separately, so it wouldn't make sense to share a rider for your roommate's expensive musical equipment or jewelry or vice versa.

If you’re thinking about opening a new renters insurance policy, reach out to Accredited Insurance Group Inc. Located in Omaha, NE, this independent insurance agency has more than 30 years of experience and works with the top companies in the industry. Coverage is completely customizable and comes at competitive rates. Call (402) 334-1780 to request a free quote, or visit their website for additional information about their products.