Clients seeking renters insurance sometimes ask whether they can share their policy with a roommate. Of course, the answer is "Yes." Many companies offer shared renters insurance policies for roommates. However, just because you can do something does not mean you should. The Anchor Insurance Agency LLP team, serving Plymouth, MN, can discuss the issues and your options to find the best renters insurance for your needs.
Considerations for Sharing Renters Insurance Among Roommates
Renters’ insurance in Minnesota averages less than $10 per month. While you may be able to save money in the short term by sharing renters insurance, doing so may cost you more in the long run. For example, consider the following issues.
- Suppose your roommate suffers a loss and makes a claim. Since you share the policy, the claim will be part of your seven-year insurance record and may increase your insurance premiums long after you no longer live together.
- Roommates can relocate for new career opportunities or other reasons. However, if your roommate relocates while the policy remains in force, the entire premium still needs to be paid.
- Roommates sometimes own possessions with different values, leading to disagreements about the portion of the premium each should pay.
- How well do you know your roommate? Have you known one another for years or recently found one another online?
These issues may or may not apply to your situation, but they are worth considering when thinking about shared renters insurance,
Working with Anchor Insurance Agency LLP
Anchor Insurance Agency LLP, serving Plymouth, MN, provides renters insurance for many clients. We will work with you to find a policy that meets your needs. So call us today for a renters insurance policy to protect you and your possessions.