Page 6 - AO Insurance FlipBook

Roommates and Renters Insurance
In a recent article in The Standard, author Katherine Panikian wrote about having a roommate and presented two scenarios regarding
renters insurance.
It is worth repeating
these scenarios to give
you options regarding
your renters policy. Renters insurance is appropriate for single people, married couples, and families. If two unrelated roommates are sharing a household, it changes how a policy can be structured.
1. Each roommate buys his/her own renters policy. This policy covers one roommate’s valuables
as well as provides liability in case a roommate steals or destroys the other’s property.
2. In some cases, roommates decide to both have the same renters insurance, in which case you want
to make sure that both are named as insureds on the policy. The carrier will determine a premium based on the combined valuables and usually these premiums are higher than if you were to buy an individual policy. However, liability will prove to be a problem should there be a suit.
What happens when
the roommate moves
out? Everything is fine
if you had your own
policy. If you bought a
combined renters policy, you will need to remove the other roommate from the policy; however, that will only happen if the former roommate gives you written consent.
So before deciding to buy a renters policy, give us a call to discuss your options and provide you with the coverage you need hassle free.