Roommates and tenants insurance: things to take into account


This article is brought to you by GradGuard. We protect students and their families from the financial risks of university life, like reimbursing tuition fees or replacing a stolen backpack when your school cannot. When the unexpected happens, GradGuard Tuition Insurance and Tenant Insurance can help get you back on track.

Those who rent apartments or other properties are recommended to obtain tenant insurance. As a student who is a tenant, it can seem daunting to add another monthly payment to your budget, but it’s important to have one. If you live with a roommate, having rental insurance is different than if you live alone. Knowing how to handle this situation is essential to ensure that you both have the coverage you need.

You might need your own blanket

Your roommate and even your landlord may have tenant insurance, but many insurers require each individual roommate to have their own insurance to cover their belongings. Check with your provider to see what their policies are. Some policies allow you to add your roommates, but your cost will increase, but you can share the cost with your roommates.

Even if your landlord has insurance, chances are you won’t be covered by their policy. If they offer a policy, look at what’s covered and shop around to check the prices against the coverage you need. Getting your own insurance will give you control over your coverage, even if your roommates or landlord are covered.

Dividing the costs, is it worth it?

If your policy allows you to add your roommates, you’ll still want to determine if it’s worth sharing the policy. While being able to split the cost is a huge advantage, you will need to have a plan in place for it. if you or your roommate decide to move. Having your own insurance is worry-free. Even if you are both engaged in the household, discuss what you are looking for when it comes to coverage. You can have different coverage needs, so it’s important that you think about what you need and make sure you have the coverage you want and need.

One of the main disadvantages of sharing tenant insurance is that if your roommates make a claim, that claim will be on your file. Setting up your own insurance policy will allow you to have more control over your policy so that you are not affected by the claims of others. If the person you are sharing the insurance with has items of greater value that require coverage than you do, your cost will increase and you will be responsible for paying the costs that do not benefit you. Consider the items you have versus your roommates’ items when deciding whether or not to share tenant insurance.


If you share tenant insurance with a roommate and your roommate misses a payment, it will likely leave you uninsured. Evaluate your roommate to see what kind of person they are. You may already know that they have a hard time making payments on time or slacking off with other important needs. You don’t want to be left in pain because your roommate made a mistake. Unless you are sure your roommate is reliable, consider purchasing your own insurance, at least until you get to know each other better. Ultimately, once you know how they’re doing with other payments and liabilities, you can decide that you trust yourself enough to split tenant insurance.

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Policy limits

Even if you have more than one person on the same tenant insurance policy, there may be limits to the number of claims that can be made in different categories. For example, your policy may cover up to $ 2,000 in electronic devices, but if you lose electronic devices that cost more than what is covered, you would be paid for the maximum amount covered by the policy and you would have to share that. payment with those you share the policy with. This also applies to the other categories. Having more people in politics doesn’t necessarily mean everyone has their own limits or that the limits are increasing.

Consider the relationship

If you and your roommate are married or officially in a domestic partnership, you may be able to be added to your partner’s policy for free or for a few extra dollars per month. Again, consider that there are limits and that they will not increase just because there are multiple people on the policy. However, if you are just in a committed relationship with your roommate, you can trust your partner to make the payments and not avoid making claims that could harm your claims record. Keep in mind that a partner may break up with you, or you may decide to break up with them, which can add conflict that you aren’t anticipating right now. In case you are living with a partner that you are not married to or with whom you are in a formal domestic partnership, it is best to have your own tenant insurance to avoid drama down the line.

Sharing tenant insurance with a roommate has a lot of nuances and things to consider. Whatever your decision, be sure to make a list of your belongings, even if you decide to purchase your own insurance. Make sure to consider your own situation and future goals so that your roommates help you stay safe and insured for the future.

It’s no secret that college costs a lot of money. Make sure your higher education investment is protected with GradGuard. Our affordable tuition and tenant insurance the plans are specially designed for students. Customizable plans make it easy to protect your tuition, room & board, laptop, bike, and more.

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