Renting with friends is exciting, but it is vital not to let the new change overshadow the importance of protecting yourself in your new home. Know the steps to give yourself the coverage you need—from talking to your roommates about their needs to taking a home inventory—whether that’s if renters insurance covers your roommates or creating your own coverage personalized to you. 

Should I Have a Policy with My Roommates? 

Having a policy with your roommates sounds appealing as it can lower individual monthly costs, but there are many things to consider before signing over together. As renters insurance plans are very diverse, it is important to find what works best for your needs. 

Consider Your Roommate 

Is this your childhood best friend or someone you found through an “Urgent: Roommate Needed” Facebook ad? If a dispute happens or an agreement falls through, keep in mind that any action your roommate takes on a shared policy will be shown in your claims history (which can also increase future premiums). Concerned about theft? Read our blog, Renters Insurance and Theft: How to Prepare & Claim. 

Take an Item Inventory 

Creating a list of your individual items is not only helpful to gauge the coverage you need, but it will also show how you stack up against your roommates’ totals. If your roommate has many “big ticket items,” you may want to consider how you will split the monthly premium cost. 

When completing an item inventory, make sure you are doing a full walk-through of your items. It is a good idea to take videos/photos, along with serial numbers, when applicable. Remember to update this inventory after any major purchases and yearly. For a full breakdown, see our home inventory blog. 

Determine Needed Coverage 

Once you’ve taken an inventory, it’s time to discuss costs: coverage, deductibles, and premiums. Certain items, such as jewelry or electronics, are exempt from base policies and need their own coverage. A higher deductible means a lower monthly premium but more cost if you need to use your insurance. Find the right compromise between cost and coverage. 

Handling Partially Owned Items 

If you have your own policy, it’s important to remember that it does not extend to any of your roommates’ possessions. This can cause issues with property that is split between roommates. It is best to check with your insurance provider, as some will cover your half of the item while others will not provide coverage. Finding out how this is handled now can be a great way to convince roommates on the fence about insurance, either by getting a group policy or having their own coverage. 

At the Safeside Insurance Agency, we strive to serve Worcester County and Massachusetts residents with the right insurance at the right price. This includes our renters in the area—whether those are building a family, starting a career, or attending college. If you want to learn more about how you can protect yourself as a renter, contact us now or call us at (508) 753-8862.