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With the housing market reaching record highs, more and more people are turning to renting as the financially smart option. But renting isn’t risk free: Renters insurance can help protect you from theft, personal liability, damage to your belongings, and more. If you and your roommates are thinking of getting renters insurance, keep reading to find out everything you need to know about sharing renters insurance with roommates.
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1. Can Roommates Share Renters Insurance?
This is a common question, because it seems like it would be a great way to save on insurance premiums each month. The answer is that it depends both on the insurance provider and the state; it’s not always permitted, but you can quickly find out just by talking to an agent. Whether you should share renters insurance for roommates or not is another question, which we’ll dive into below.
2. The Risks of Sharing Renters Insurance With Roommates
Splitting the cost of renters insurance each month sounds great, but it might not be worth it in the end. A few of the risks involved with sharing renters insurance with roommates include:
There are quite a few risks to sharing renters insurance with roommates, so it’s important to really know and trust your roommate before agreeing to it. People crashing on your couch or subletters definitely don’t qualify, but even a friend you’ve known for years can be a risk and could leave you on the hook.
3. Tips for Renters Insurance With Roommates
There are times when it makes sense to share renters insurance with roommates, and in those cases, a few tips can help ensure that everyone is happy with the arrangement.
Sharing renters insurance with roommates can be a great way to save money, if the circumstances are right. Either way, you want to make sure you and your belongings are fully protected should the unexpected happen.
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Sharing renters insurance with roommates is risky and unpredictable, and it’s not usually recommended. The good news is that renters insurance is one of the most affordable insurance options out there and you might pay less than you think for your own policy. No matter what, renters insurance is a smart idea and you’ll want to set it up before you need it.
Lauren Lewthwaite Lauren Lewthwaite has been freelance writing for almost five years writing content that ranges from health to insurance and everything in between. Lauren is also a trained translator in French and English and is a dog-mom to an adorable Australian Shepherd.