Do you need renters insurance with 4 roommates? This is a common request, especially in college towns. Whether you need renters insurance for roommates in Fort Wayne Renters Insurance or anywhere else in the country, Effective Coverage has got the answer. The best news is, it might even be cheap renters insurance!
What Does Renters Insurance With 4 Roommates Cost?
The national average price of renters insurance is just $187.00, according to the III. That works out to as little as fifteen dollars per month. The vast majority of families can budget renters insurance easily at those prices.
Additionally, it's important to note that renters are at a significantly higher risk of experiencing loss than homeowners. Renters occupy roughly one third of total housing stock in the country, and yet they are fully fifty percent more likely to experience theft than homeowners, according to the Bureau of Justice Statistics.
It only costs a few dollars a month to protect your family, and this cheap renters insurance is a great way to mitigate the additional risks that come with being a renter.
That’s for one person. When you have 4 roommates, the best option is to get a policy for each person. That ensures that everyone has the coverage they want. It also ensures that everyone is able to file a claim for their own property should a claim be necessary, and avoid unnecessary debates over who is entitled to what portion of the check resulting from a claim.
Remember that the check will be made out to all named insureds on the policy. Since you can’t remove a named insured, if you have renters insurance with 4 roommates and one of them moves, you’ll have a problem tracking them down to get them to sign the check. They may even feel entitled to part of it, and since they’re on the policy and the check, that could get very messy very quickly.
Do I Need Everyone On The Phone To Get Renters Insurance With 4 Roommates?
If you’re getting renters insurance with 4 roommates and everyone is getting their own policy, you can just have everyone call individually. Everyone doesn’t need to be on the phone at the same time. It’s the easiest and simplest solution.
If you’re endorsing them on as roommates, you can do that as long as you’re the policyholder. You should be aware that while it’s slightly less expensive to endorse roommates on than to have individual policies, it’s not a huge difference. You should spend the money to make sure everyone is covered individually.
Besides, that means that everyone is responsible for their own bill. When was the last time you tried splitting a fifteen or twenty dollar a month bill between you and a bunch of roommates? That’s just not worth the trouble. Renters insurance with 4 roommates is one of the rare things that’s easiest to keep separate between all of you.
Is It Difficult To Get Renters Insurance With 4 Roommates?
It’s easy to get renters insurance with 4 roommates, or any number of people living in the house. You just have everyone buy a Fort Wayne Renters Insurance policy. Then everyone can show their proof of coverage to the landlord, and everyone is responsible for their own coverage.
Roommates come and go, and often not on the twelve month cycle of a renters insurance policy. Often it’s on the 9 month cycle of the academic year. With that in mind, separate policies also mean that you’re not worried about splitting any refund for those remaining three months between all of those people.
You might be surprised to find how
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You’ll want as much liability coverage as possible, because liability losses tend to be larger. If there is a fire or similar loss, you’ll have the landlord, neighbors, and other people who suffer as a result of that loss you caused and they’ll all want to be made whole. That amount of money adds up quickly. If you’re in college and just starting out, do you really want that loss hanging over your head as you start your career?
What’s The Easiest Way To Get Renters Insurance With Roommates?
The easiest way to get renters insurance with 4 roommates – or any roommates – is Effective Coverage. It takes just sixty seconds to buy a policy online, so you all can be covered individually in just minutes with the coverage you deserve. It’s an easy process, and all you need to know is your address and apartment number and some basic information about yourself. Insurance doesn’t have to be a complex process, and we’ve been working for a very long time to make it easier.
Just because most insurance companies don’t like innovation doesn’t mean we’ve shied away from it. What used to take ten or fifteen minutes online just to get a quote has been shaved down to a one minute process. Effective Coverage believes in making renters insurance accessible to everyone. Surprisingly, fifty-six percent of American tenants don’t have insurance. That needs to change, because the people without renters insurance are disproportionately likely to suffer losses due to a variety of factors.
Effective Coverage offers the nation's only completely mobile platform to quote and purchase renters insurance right from your phone or tablet in just one minute. Get an online renters insurance quote today and protect your family.
Photo Credit: https://www.flickr.com/photos/micahd/ Roommates CC BY 2.0