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Furnished ApartmentIf you rent an apartment, getting a roommate is a great way to keep expenses low. You can split the rent, the utilities, and grocery bills, which helps you stash money away for other bills. But while splitting bills are a good idea, it's not a good idea to split your renters insurance policy. Though the monthly premium is easily divisible by two, you'll find that nothing else about your insurance policy is quite that simple.  

Claims Made By Your Roommate Are Part of Your Insurance Record

Claims made against your insurance policy become a part of your insurance record, regardless whether you or your roommate made the claim. If you live with someone who makes a lot of claims, this could affect the rate of your renters insurance now and in the future.

Splitting the Check Can Be Problematic

With a policy in both you and your roommate's name, your insurance company can send a reimbursement check with both you and your roommate's name on it. For instance, if you file a claim against personal property stolen from your room, but your roommate was unaffected, your roommate should still have to sign your reimbursement check before you can cash it. Although this may seem like a situation a roommate agreement could settle, it could be problematic if your roommate no longer lives with you, and you don't know where they live.

You're Held Liable for Your Roommates Negligence

When you share a policy with your roommate, you are equally responsible for claims made against the policy. If someone sues your roommate for being negligent and allowing his or her dog to bite a neighbor, you are on the hook too. Additionally, each claim your roommate makes decreases the limits you're eligible to claim each year. Therefore, depending on the extent of the claims, your roommate's claims could prevent you from using your renters insurance.

To ensure you don't encounter any of these problems, it's always best to have an individual renters insurance policy. With a policy that covers your items exclusively, you have more control, and protect yourself from being deemed financially responsible for your roommate's negligence. If you share a policy with your roommate, we encourage you to give us a call today so that we can give you a quote for individual renters insurance. 

Get the protection you need. Call Cloverleaf Insurance at (800) 530-5822 for a free renters insurance quote.
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