WEDNESDAY, DECEMBER 23, 2020
Renters insurance is designed to cover the policyholder from several dangers they may face while living in a rented space. However, not everyone lives alone. If you have a roommate, renters insurance can be slightly more complicated than expected. 
As a rule, renters insurance does not cover roommates unless they are specifically listed on your policy. If a roommate is not covered on your policy, they will be excluded from coverage available under renters insurance such as:
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Personal Belongings Coverage: This insurance covers the policyholder’s personal items in case of loss or damage caused by fire, wind, hail, lightning, smoke, theft, vandalism and more.
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Personal General Liability: Liability covers bodily injury and property damage that may occur on the rental property or that the policyholder may accidentally cause to someone else.
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Loss of Use: Also known as additional living expenses, this coverage provides compensation for expenses of temporarily moving if the rental property is rendered uninhabitable by a disaster.
Can You Add a Roommate to Your Renters Insurance Policy?
While roommates can be added to your renters insurance policy, this is not generally recommended. Adding another person to your policy can have an affect on your rates in a negative way, as all factors affecting your premiums will also be taken into account when you add someone else, such as their credit score.
In general, it is recommended that roommates each have their own renters insurance policy in order to cover their belongings properly. Splitting one policy between more than one person can cause issues when filing multiple claims within a short span of time.
There is also the matter of what happens when a roommate moves out. Renters insurance policies are not transferable. For example, say you have a renters insurance policy that your roommate is on. You move, but your roommate stays. Since you are the policyholder, you can not transfer the policy to your roommate, even if they are listed on it. Instead, your policy will likely follow you and your roommate will have to purchase their own renters insurance policy.
Be sure to speak with an insurance agent about how much coverage you and your roommates need and whether or not you should add someone else to your policy.
Keep in mind that children and pets do not technically count as roommates and should be automatically covered under your renters insurance policy.
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