Getting renters insurance with a roommate might seem to make sense. When sharing a kitchen, common living room, and often food, why not also share an insurance policy? After all, you could split premiums and pay half. While it’s true that getting renters insurance together would let you split premiums, this is generally advised against for a few different reasons.
Renters Insurance: Making An Independent Choice
Renters Insurance Fits Your Budget
One of the primary misconceptions is that renters insurance is costly, thus necessitating a shared policy to save money. Renters insurance is generally affordable, though, and can easily fit into the budgets of most renters in Omaha, NE. To see how affordable it is, we at Insurance Solutions LLC can help you check policies.
You Control the Features of the Policy
With your own policy, you control the coverage deductibles and limits. Purchasing one with your roommate requires that you both agree on these terms, and your roommate might want less coverage than you.
Getting Paid for a Claim Could be Delayed
Sharing a renters insurance policy with a roommate can lead to complications if you need to file a claim. Both policyholders must agree on the details of the claim, which can be difficult if there’s a falling out between you and your roommate. It also could be minorly delayed if your roommate leaves Omaha, NE later and is difficult to reach. If they don’t sign papers promptly for any reason, your claim payment could be delayed at a time when you especially need it.
Your Roommate’s Claim Could Increase Your Future Rates
If your roommate files a claim, it could increase the premiums for both of you. Even if the claim is only for your roommate, your future rates would likely rise.
Get Renters Insurance
If you’re in Omaha, NE and need renters insurance, contact us at Insurance Services LLC today.