When you live in an apartment, you might experience possessions damage at any time. When this occurs, your renters insurance might be able to help you out. However, if two un-related roommates share the apartment, then filing for coverage might seem a bit complicated. If one or both parties’ possessions sustain damage, then each might have a financial incentive to file a claim. Depending on the way renters policies—sometimes one, sometimes multiple—apply to your losses, you might be able to receive varying amounts of coverage. Let’s take a closer look at the benefits of possessions coverage.
Renters Possessions Insurance
Most landlords require their renters to take responsibility for a lot of the upkeep responsibilities of the average rental home. That’s why they will probably require tenants to buy renters insurance. It will help the landlord protect themselves against liabilities that the renter brings with them. However, the policy itself will extend protection explicitly to the renter, and they are the one who must pay for the policy.
Within a renters policy, you will usually automatically get liability insurance. This pays for the property damage or bodily injuries that you do to third parties. However, you will also usually have a chance to add possessions insurance to your policy. Possessions insurance will apply not to the possessions of others, but those that belong to you.
Think of it this way. Should a fire break out in your apartment, then some (or worse, all) of your belongings might sustain significant damage, or total destruction. The financial loss is often significant, and you might want to repair or replace the damaged items. That’s where possessions insurance might be able to help you. Policies can usually apply to belongings damaged by events like fires, storms, theft or vandalism.
By filing a claim on this policy, you can receive some or all of the costs in return for damage to your possessions. Sometimes, you can receive the full cost of a damaged item. Other policies, however, might only pay you the cash value of the item at the time of the accident. Still, the key to getting the right coverage for your full possessions value is to talk to your Atlanta renters insurance agent. Your Peachstate Insurance agent is happy to help you determine the right coverage limits for all your belongings.
Now, Add Other People to the Equation
In its most-basic form, renters insurance is supposed to cover one person, the policyholder, who is usually also the main tenant on the renter lease. Therefore, it is this person’s belongings to whom policies will most-readily apply.
All the same, if there is more than one person living in the apartment, then obtaining appropriate possessions insurance might get a bit more challenging.
On one hand, most family members can receive coverage for themselves and their belongings on the same policy. You, your spouse, your children, and sometimes others, generally share ownership of particular items. Therefore, a renters policy might apply as much to your spouse’s clothing as it would to yours. Keep in mind, however, that you will likely need to list all of the family members as insured under the policy, to make sure they get coverage. Still, there is usually no reason to get more than one policy.
But, what if you live in the apartment with a roommate who isn’t related to you? That could complicate things even further.
Roommates and Renters Insurance
You might have a roommate to make ends meet on the cost of rent. It’s a financial step that many young people have to take, given the high cost of rent in urban areas, like greater Atlanta. However, all the same, by having a roommate you face unique liability and possessions risks.
If you and your roommate decide to buy one renters insurance policy, to share, you often can do so. However, there are various limitations which might impact getting one policy together.
By adding a roommate to your coverage, your premium likely will only change nominally. However, you will likely need to buy more coverage for the cumulative values of both parties’ belongings. Furthermore, you might only be able to add a single roommate to any given policy. Therefore, homes with multiple roommates will likely have to have separate policies anyway.
Often, it is better for each renter to carry their own renters insurance policies, separate from the other roommate. Therefore, each person will have their own coverage for the possessions and liabilities they present within the property.
Should a significant loss of property occur, therefore, each roommate can file a claim on their own renters policy for assistance. You’ll be able to take care of your own property damage, while your roommates can get help in their own ways.