Renters insurance protects your belongings in case of damage caused by fire, theft, etc. It also covers you if someone is injured at your residence. It’s an option for people who typically rent apartments, condos, townhomes, and any other type of rental property. Renters insurance doesn’t cover the actual, physical structure you live in though — that’s your landlord’s responsibility.
Just like all other policies, a renters policy will include a deductible. Let’s go over that again.
Let’s say your deductible is $500, and your apartment floods causing $2,000 worth of damages. You’re responsible for paying the $500 out of pocket. Then, if your claim is approved, the remaining $1,500 is paid out by your insurance provider.
If you have roommates, renters insurance won’t cover their property, personal liabilities, or temporary living expenses unless they’re on your policy. They’ll have to get their own policy if they want to be protected like you.
While splitting the cost of a renters policy can help you save money, it’s usually not a good idea. Any claims your roommate files would also show up on your claims history. Also, if your roommate has more expensive possessions than you, they could actually drive up the cost of your policy. That’s why we say it’s usually best to stick with your own renters insurance.
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