Is It Worth Splitting The Policy With Your Roommate?
You have put a lot of thought into whether you will be able to share space with your roommate. You have done your homework, and are confident you will be able to live in harmony with the person with whom you are about to share your rental. You trust your roommate, and (hopefully) even like him or her, but there is one area where it is best to avoid sharing- your renters insurance.
When you share a renters insurance policy with your roommate, it can make filing your claim and getting the payout you deserve much more complicated. When you share a policy, it is extremely important that you both have a very clear understanding about who owns what property in your rental. That is because when you do receive your payout from your policy the check will be made out to everyone whose name is on the policy. That means if there is a disagreement about who should get the reimbursement for your pricey plasma screen, your roommate could refuse to endorse the check and in doing so prevent you from receiving the money.
Furthermore, when you share a renters insurance policy it likely will not offer protection if you and your roommate end up in a legal battle. Protect your liability and your belongings by getting your own policy.
You may be thinking that you cannot afford a policy on your own, but renters insurance costs an average of just $20 a month. Skipping a few lattes can make it possible for you to have the independent coverage you need.
If you have questions about the best way to cover yourself and your property in Staten Island and the surrounding New York metropolitan area, contact The DiForte Agency. Our expert team is here to ensure you have the renters insurance you need to be truly safeguarded.