Should You Share A Renters Insurance Policy With Your Roommate?

So you got a new apartment–congratulations! Like many first-time renters, you can’t afford to live alone, so you signed a lease with your roommate. However, it turns out that your apartment contract requires you to have renters insurance to move in. Should you share a policy with your roommate? After all, you already signed the same lease, right? As it turns out, that’s usually wrong, even if your insurance company allows it.

First of all, it’s important to understand exactly what renters insurance is. A renters insurance policy is a policy that financially protects your belongings should they get damaged or stolen. Renters insurance policies typically offers a certain amount of property coverage and liability coverage. Even so, it’s not generally wise to share a policy with your roommate. Let’s take a closer look at why.

If They Get Sued, You Could Be On The Hook

That’s right, if your roommate messes up and causes your policy to kick in, that’s going to affect you as well. Say your roommate’s dog bites someone, a shared policy would mean that you could legally be named in a lawsuit. Not only would that be a huge hassle, but it could also lead to higher premiums for you in the future.

You Don’t Have The Same Stuff

While you and your roommate do have the same apartment, odds are you don’t share all of the same stuff! If your roommate ends up having a lot of high-value belongings, you could find yourself paying into a way larger policy than you actually need. That’s not fair for you and basically just means that you’re throwing a bit of money away every month.

It’s More Complicated Than Sharing Utilities

Sharing a renters agreement as not as simple as just splitting the bill every month, like you do for the cable bill. If your roommate is late on a payment that’s going to raise your premiums, and hurt your credit. Not only that, but if one of you does have to file a claim for some reason, things can get complicated quickly. The check will always be made out to both of you, requiring both of you to sign it but only one person can cash it. That’s always a pain. Not only that, but if your roommate decides to steal your stuff, that won’t be covered!

The bottom line is this: yes you need renter’s insurance, no you should not share it with your roommate. Not only is a renter’s insurance policy cheaper than most people expect, but peace of mind that comes from having your own policy is well worth the couple dollars you would save if you split a policy.

As with all insurance decisions, you should never sign anything until you’ve consulted with an insurance professional. The staff at TGS Insurance are experts in renter’s insurance and are always happy to speak with you about your needs. When you work with TGS you’ll find the right policy, at the right price. Visit for more information.