There are a number of ways to accomplish this, of course, but every roommate needs to be listed on renters insurance. If they’re not listed, they’re not covered. If they’re not covered and there’s a loss, there’s no coverage for their property or their liability. That potentially leaves you on the hook for damage to the building because you’re jointly and severally liable for lease obligations with them.
Does Every Roommate Need To Be Listed On Renters Insurance? The Best Way To Do It
The most efficient way to make sure every roommate is listed on renters insurance, and the way to ensure the best coverage across the board, is for each roommate to have their very own policy. That means each person who lives there has a policy that lists them as the named insured. That roommate gets the full benefit of all of their coverage, and has the full benefit of defense against liability claims, as well.
This is also the easiest way to handle accounting between roommates. Renters insurance is such a small bill that there’s no reason for you to split it between multiple people – it’s just more trouble than it’s worth to figure out who paid their six dollars that month. Get everyone their own policy and it’s one less bill to worry about splitting.
Does Every Roommate Need To Be Listed On Renters Insurance? The Other Ways To Do It
You could just add the roommates to your policy as additional named insureds. Many companies will allow it, that doesn’t make it a good idea. You can never, ever remove an additional named insured from a policy. If one roommate moves, you’ll have to cancel and reissue the policy entirely.
If you don’t do that, and there’s a loss, that claim check belongs as much to the former roommate as it does to you. You’d have to track them down, get their signature, and hope that they’re decent and honest about it. That’s if you can find them, of course.
You could also endorse them on, but that has problems of its own, especially when it comes to determining whose stuff is whose for a claim. It also costs money. At that point, you’re already spending money to insure the roommate so you might as well just buy them their own policy.
Every roommate needs to be listed on renters insurance, and getting a policy for each roommate is the best practice. To find out more about your renters insurance, or to get policies for you and your roommates, just call (800)892-4308 or click to get covered - whether you need San Francisco renters insurance quotes online or coverage anywhere else!
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