I’m moving out, my roommate is staying behind. We’re both listed as named insureds on the policy. Can I transfer my renters insurance policy to my roommate so they can keep it?
That’s a great question, and there’s plenty of information there to answer it with.
Why Are You Both Named Insureds?
You and your roommate should not both be named insureds on the policy, generally. If there were to be a loss, the claim would be paid to both of you, with both names on the check. If one of you has moved out, you may have a serious problem. In addition, it makes the policy equally yours and your roommate’s. That means you both can make changes, cancel the policy, or do other things that shouldn’t be done to “your” policy.
No, You Can’t Change The Named Insured
You can’t change the named insured because you’d be assigning a contract that doesn’t contemplate assignment. The contract is designed to be between you and the insurance company, and there’s no practical way to assign it to someone else. That would rather defeat the purpose of the way insurance is priced, as well. Someone could buy a policy and assign it to a person with much greater risk.
The policy is rated based on the named insured, and priced based on the risk they and the property present. You can’t transfer the policy to your roommate because they weren’t part of the original pricing. If they were considered at all, it was in concert with considering you, not on their own. On their own, they may well have a very different risk profile.
No. You Can’t Transfer Your Renters Insurance Policy
What you can do, however, is have your roommate call and get your own policy. That means they’re paying for it and you’re not a part of the policy. That also means that you’re absolving yourself of liability for the property. Can you imagine if there was a fire loss six months after you moved out and you were both named on the policy, and some lawyer named you both on the subrogation suit? You were in Omaha and had nothing whatsoever to do with it, but you were still on the policy so you’re at risk.
In addition, you’re putting your coverage at risk if the first named insured is not residing in the insured premises. That means neither one of you might have coverage if you don’t make sure your roommate has their own policy and just try to continue with the existing one.
Renters insurance is quite affordable, and you should each have your own policy, ideally. For a few dollars a month, that’s easy to accomplish – just reach out to Effective Coverage and you can have the policy you need in seconds, on the phone or online. Whether you live in Anaheim or anywhere else, just call (800)892-4308 or click to get covered - whether you need Anaheim renters insurance quotes online or coverage anywhere else!
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