My friend and I share an apartment. Does her renters insurance policy cover my possessions too?
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Asked April 23, 2012
While it may be possible to add your possessions to the renters insurance of your roommate, you may have a hard time doing so. Combining the personal property of more than one individual introduces legal questions and responsibilities and other disputes that most insurance companies would rather avoid. If roommate B files a series of claims, for example, the rates of the original policy buyer would increase, and that person never filed a claim.
The best solution is for each roommate to compare renters insurance quotes and purchase their own policy. The policy is not very expensive; you wouldn't have to worry about the coverage. This takes the burden of responsibility off a single person and distributes it to each person. And since each one of you probably owns property with differing values, individual policies would be the only for things to remain fair to all parties.
For liability purposes, having individual coverage means that each person would be responsible for the damages they caused. This could be especially helpful if one roommate destroyed the property of another roommate, even accidentally. The same would be true if you were both working on a project and your roommate accidentally cut you, but if you were covered by the same policy the liability insurance would not cover either one.
Renters insurance is like a home policy without coverage for the structures. It even includes items you have on the property but outside the house or apartment, such as a lawn mower, swing set, or a doghouse. The major difference is that while only one homeowners policy is needed on a household, roommates should each have their own policies, because the policy is only for personal property and liability, not for the dwelling or other structures.
Answered April 23, 2012 by Anonymous