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How does renters insurance work among roommates?

A common question asked by people shopping for renters insurance is how the policies work among roommates. Generally, insurance companies make it easy for roommates to share renters insurance policies, but doing so may not be in your best interests. If you are considering renters or other insurance, feel free to contact the Hastings Insurance Agency LLC team, serving the Tomball, TX area.

Sharing A Renters Insurance Policy Among Roommates

People consider sharing a renters insurance policy primarily because of convenience and cost savings. (Renters insurance in Texas averages only $173 per year.) Both are good reasons for sharing, but doing so can lead to complications.

One consideration is that if your roommate makes a claim on the shared policy, the claim becomes part of your seven-year insurance record. The claim could influence your insurance premiums long after you stop living together.

Roommates can also disagree about sharing the cost, particularly when one roommate has more valuable possessions than the other.

A third issue occurs when one roommate moves out, and the renters premium still has to be paid. Who will continue to pay the premium?

Renters insurance is inexpensive, so some will not be troubled by these issues. Nevertheless, it makes sense to consider these issues, particularly if you do not know your roommate well before living together. A shared policy is a shared legal obligation, so you may prefer to spend more money on separate policies to maintain legal separation.

Working with Hastings Insurance Agency LLC

Hastings Insurance Agency LLC, serving Tomball TX, offers the full range of insurance services, and our friendly team can help you develop an insurance plan that meets your needs. So, call us today or stop in to protect yourself and your possessions.