Let’s be honest, when getting started with renters insurance it’s important to shop around for the best policy. At Brazelton Insurance, they can help find the perfect policy for you. When living with roommates, talking about renters insurance can get a bit confusing because each state is different. Here are some ins and outs of understanding renters’ insurance when you’re living with roommates.

When moving into a new roommates spare bedroom, if they already have renters insurance, see if you can be added to the policy, even though you are not on the lease. This is so if something happens while living underneath your roommate’s house, you may file a claim as well.

Increasing Coverage When Having Roommates

You have a current premium of $15,000 of your total household belongings. When you have a roommate that moves into your house, have them give you a rough estimate on how much there belongings cost. If it is about the same as your current policy, you might have to increase the premium higher so you BOTH are covered. Everything needs to be protected, because if something happens, both parties can file a claim to the insurance company.

Sharing History When Sharing A Policy With Someone

When filing for claims with your insurance policy, keep in mind, they do follow you and they can affect the rates you pay for coverage later on. When sharing a renters’ policy with someone else, you’re sharing the history with them. With having a shared policy, you are being held responsible for the claim, if anything gets stolen or lost. It’s convenient to share renters insurance, but if you’re not on good terms you should consider getting your own policy.

Contact Brazelton Insurance Group for more information about how to set up renters’ insurance!