When you are in college or first starting a new career, having a roommate to share expenses with can be a financial lifesaver. Sharing your rental expenses is a great idea, but including a roommate on your renters policy can have both pros and cons that you must be aware of. Talking to your agent will help you make a wise decision and ensure you have the protection you need.
Know Your Roommate
Before you add your roommate to your renters insurance policy, make sure you get to know them. Find out if you have the same goals. Will they be there for the full duration of your policy? If something happens and your roommate moves out, you may not be able to keep your policy. You won’t be able to just drop your roommate off your policy. Instead, you will have to apply for a new policy in your name only.
Keep a Complete Record of What You Own
Create a full inventory of everything you own. Your roommate should also keep a full listing of what they own. Not only will this be helpful if you have to file an insurance claim, but it will also ensure that you are compensated properly. With both of you having a full inventory, it ensures that each person’s property is fully protected. Knowing what you own and what your roommate owns makes it possible to keep track of your possessions if and when your roommate moves out.
Speak with Your Agent
Anytime you have questions about your insurance policy, you need to call your agent. Including a roommate on your renters insurance is a great way to share the expense. It’s beneficial if you can pay for the policy by the year. The problem of having a roommate on a renters policy is that if they would eventually leave you may end up having a policy that is null and void. It’s difficult to cut someone out of a policy, so a new one may have to be written.
You Can Always Bundle
Like with a homeowners policy, you can bundle your renters and auto insurance policies to save money on premiums. Bundling policies makes them easier to manage for you as well as your insurer. It may allow you to make one payment for your policies. For insurance companies, it allows them to combine all of your policies into one file reducing the amount of administrative paperwork that needs to be done. Your agent can help you find a bundle that works for you.
When you are interested in adding a roommate to your renters insurance, you need to speak to a reputable agent. Call our agents at Mayer Insurance Agency if you want to learn more about creating the perfect renters insurance policy. Schedule your appointment at your earliest convenience to get the answers you need and make an informed choice. Your insurance agent should always be the first person you turn to when you have questions about your renters policy.