Have a Roommate? Make Sure You Have the Right Insurance

Living with a roommate is not just for college students anymore. Many people are choosing to live with a roommate to help pay the bills, or to allow them to live in a more desirable area. If you are thinking of moving in with a roommate, make sure that you invest in the right insurance policies to ensure that you are protected in any unfortunate situation. Make sure to consider these policies when moving in.

  • Renter’s insurance. If you are renting a house or apartment with a roommate, it is vital to invest in renter’s insurance policy. While the landlord will have a policy that provides coverage for the structure of the home, it will not provide any protection for all of your belongings that are kept in the home.
  • Homeowners insurance. If you own a home and have a roommate to help with the finances, your homeowners’ insurance policy will provide coverage for any accidents as long as you are still living in the home. Typical homeowners insurance policies allow you to rent rooms out to two roommates without having to pay extra premium costs. It is important to keep in mind that a homeowners’ insurance policy will not provide any protection for the tenants’ belongings, and they would have to invest in their own renter’s policy to be covered.
  • Auto insurance. If you are going to allow your roommates to use your car, even if it is just to run to the store, make sure you add them to your auto insurance policy to ensure that they are covered in case they are involved in an accident.

Contact the insurance experts at Alliance Group in Fairport, New York for all of your insurance needs when moving in with a roommate. We will work with you to ensure you have the right amount of coverage for your specific situation.