While some insurance companies allow roommates to be on the same renter's insurance policy, it is not advised. Several issues can arise with a shared policy. For one, any claims your roommate makes will affect your insurance history, whether they have anything to do with you or not. It's important for each person to establish their own insurance history, as it can affect your rates for years to come. Another issue is that the value of your combined belongings determines the cost of your premium. When one roommate owns more expensive items, then splitting the insurance payment 50/50 doesn't really work. Problems can also arise if one roommate chooses to move out before the other. Renter's insurance is very affordable, and each individual roommate can easily obtain their own policy.
In some cases, one roommate owns the home and is just renting out a spare room to the other roommate. In this case, homeowners insurance would cover the majority of potential risks. Common areas of the house and items that maybe you own, but your roommate/renter also uses will be covered. However, the homeowners policy will not cover the renters personal belongings. It is still advised that the renter obtain an individual renter's insurance policy to cover the loss of any personal belongings and personal liability issues. This also allows the renter to establish their own insurance history as mentioned in the renter's insurance paragraph above.
If you have more questions about making sure both you and your roommate have adequate insurance coverage, give Insure the Lake a call at 573-348-2794. As your independent insurance agent at the Lake of the Ozarks, I'll work with you to make sure you have the best coverage available for the best value!
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About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.
Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral
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