Does Renters Insurance Cover My Roommate?
Whether you are moving into your first apartment or downsizing to a
downtown loft, renters
insurance is a must-have for anyone who is
living in an apartment or any other type of rental property. If this is your
first time seeking a renters insurance policy, you may
have some questions about who and what is covered. Here are some answers to
questions you may have about renters insurance.
Is my
roommate covered by my renters insurance policy?
After seeing all the features and benefits
that renters insurance has to offer, you
may be left wondering if the other residents of your rental property and their
belongings are also covered. Unfortunately, the short answer is likely no. When
a person who resides in a rental property purchases renters
insurance, they are the only insured. This means that the policyholder and
their belongings are the only things that are covered. Any additional
inhabitants in the apartment who are not related to
the policyholder must purchase their own renters insurance policy to ensure
that they have coverage for themselves and their personal property.
Is my
spouse covered by my renters insurance policy?
Yes, under most renters insurance policies,
spouses are covered even if they are not listed on the policy. This also means
that spouses’ belongings and personal property are also covered.
What
else does a renters insurance policy cover?
Renters insurance policies cover a wide range
of losses. Here are some examples of coverages that are included in a renters insurance policy:
●
Liability including bodily injury,
damages, legal expenses and medical expenses.
●
Theft and vandalism including
malicious mischief.
●
Extreme weather including wind
damage, freezing, lightning, hail, weight of ice and
more.
●
Fire damage including smoke
damage, accidental discharge of water and overflow of water.
What
discounts are available for renters insurance policyholders?
Renters insurance policies are often very
affordable and can cost even less after applying discounts. Available renters insurance discounts that
you may qualify for include the following:
●
Multipolicy discounts
allow you to lower the cost of your insurance if you have two or more insurance
policies with the same insurance carrier. Some discounts may reach up to 25%.
●
Alarms/fire extinguisher discounts may
apply if you equip your home with smoke alarms, sprinklers, burglar alarms, deadbolts,
locks and other protective devices.
●
Claim-free discounts are available
to policyholders who are claim-free for five consecutive years.
●
A retirement discount applies to
those who are over the age of 55 and are not employed full-time and are not
seeking full-time employment.
●
And many more.
How do
I get renters insurance?
If you find yourself in need of renters insurance, make sure to
contact your agent so they can help find the policy that best fits your needs.
If you do not have an insurance agent, you can click
here to find an agent near you. Once you find an agent,
you should call them and ask about renters insurance.
To ensure you and all your belongings are safe from various
losses and disasters, be sure to add renters insurance to your move-in checklist.
