Can you share renters insurance with roommates?
Last updated: February 2023
You may not be able to share the same renters insurance policy with roommates. That's because some states, like Florida, don't allow you to buy renters insurance with another person unless it's your spouse. Additionally, some insurers don't sell policies to unrelated roommates. In those cases, each roommate would need to purchase their own renters insurance policy.
Updating your policy when roommates move out
A shared renters insurance policy can create more administrative work. If you share a policy with a roommate, you'll have to notify the insurance company and get a new policy anytime a roommate moves in or out.
Legal protection during roommate disputes
If you share a renters insurance policy, it may not protect you from your roommate. A shared policy may not be your best bet, according to personal finance publisher Kiplinger, when an accident or a dispute occurs and you end up needing legal protection from your roommate.
Ownership of shared belongings
Shared renters insurance policies may complicate claims. If there's a fire and multiple roommates have belongings that are damaged, the insurance claim can get sticky if you aren't all on the same page about who owns what. Make sure to inventory each person's stuff when you move in, the III says.
Handling claims payments
When there's a payout from a claim, the insurance company makes the check payable to everyone named on the policy. Each roommate has to endorse the check before it cashes, which means you'll need to agree on how money is split. If a relationship goes sour, your roommate can prevent you from cashing a check.
When you live with a roommate, there may be a lot of things that you share. Be sure to do some research and talk to your insurance provider to learn if a shared policy is available in your area and if it's the right choice for you.