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Can Roommates Share a Renters Insurance Policy?

If you are renting a home, condo or apartment, it is important that you purchase a renters insurance policy. Many people assume a homeowners insurance policy will protect their belongings in the event of fire, flood or theft, but homeowners policies do not cover renters. This is why it is so important to have your own policy. One of the questions that we at Bailey Insurance LTD, serving the greater Phoenix, AZ area, are asked is whether roommates can share a renters insurance policy. 

Can Roommates Share a Renters Insurance Policy? 

Roommates can share a renters insurance policy. However, most insurance companies require the roommates who are sharing policy to all be listed on the lease. This means that if you have someone crashing on your couch and not listed on the lease, they will likely not be covered by your insurance policy. If you have roommates who are not listed on the lease but want to be on the renter’s insurance policy, you may need to draw up a sublease with the individual. 

Can You Pick and Choose Who is Covered By the Policy? 

Many insurance companies require each person listed on the renter’s insurance policy to be listed as an included party, and those not covered to be listed as an excluded party. Most included and excluded parties must sign a form so that they understand that they are included or excluded. This is important, as you may have a roommate who wishes to carry their own renter’s insurance policy, or who doesn’t want any coverage at all. This gives every party in your rental home the ability to decide which type of insurance is best for them. 

Are you looking to purchase a renters insurance policy in the greater Phoenix, AZ area? Contact Bailey Insurance LTD to get started or to obtain a free price quote.