Here's Everything You Need To Know About Renters' Insurance

Some people like to share an apartment with someone like a friend or someone they met online. If you've answered an online request for a roommate, it's only natural that you'll talk about things like household chores, maybe monthly food allowance and of course renters' insurance.
If your room mate was the first one to live in the apartment, he may already have an insurance named after him but it's important that you also have an insurance named after you in case something untoward happens.
These are the things you need to know regarding it.

Your Name On The Policy

You and your roommate are two different people who own separate belongings so his insurance policy might not cover yours despite you being roommates. If you want to be covered by such policy as soon as you move in, ask your roommate to have your name included in it to have the same benefits as him.


Insurance Company Policies

Some insurance companies doesn't allow two unrelated adults to have the same insurance policy so you need to inquire to a different insurance company to ask for your options and have the right insurance policy for you.
Additionally, if the same insurance company does allow unrelated people to be in the same policy, there is a possibility that they ask you to upgrade your policy. Say, your roommate's belongings amount to $15,000.00 while your belongings amount to the same as his and the policy covers only the amount of his belongings which is $15,000.00 so this means you need to double the policy in order for your belongings to be covered.
In case one of you have belongings whose value is bigger than the other then you just need to compute for even proportions of the policy as well as paying for it. For example, if you and your roommate decide to split the coverage evenly, then you must get a policy premium that is split in half. Now, if there’s a need to get more coverage for one party, you should split the bill according to the stipulations on the coverage.  You will have to ask for 2 quotes then; One which is 2x the coverage of the person who has less to insure then pay half of one part of the premium

You Share The Same Insurance Policy

Whether as a renter or otherwise, all the claim that you make on your policy stays with you and sort of stands as the basis for the coverage rates you will pay in the coming years. So, having said this, once you share an insurance policy with another person like your roommate, it will be like sharing your entire insurance history. So let’s say that someone broke inside the room and luckily, your things weren’t taken, you will still have to report it.

Your Relationship With Your Roommate

It's very different when there needs to be two names to be covered in an insurance policy so having a good relationship with each other offers less hassle especially when you need to work on the policy or pay and compute how much each will need to shell out and how much each will get in case of untoward situations.