What Insurance Do You Need When You Live With a Roommate?

Roommates are not just for college students anymore. More and more adults are deciding to live with roommates to help offset the cost of living. If you are thinking of living with a roommate, or already are, make sure to look into your insurance policies to ensure that everyone is covered.

  • Renter’s insurance. If you are renting a house or apartment with a roommate, the only way to ensure that both of your belongings are protected is to invest in a renter’s insurance policy. Although the landlord of the property will have an insurance policy for the home, it will only cover the structure of the home, not the assets that are kept inside. Make sure that both you and your roommate invest in separate renter’s insurance policies, since typical policies will not provide enough protection for the belongings of two people.
  • Homeowners insurance. If you own a home and are renting out a room, most insurance policies will provide the right amount of protection for everyone, as long as you continue to live in the home. It is important to keep in mind that the homeowners insurance policy will not provide coverage for the assets of the renter, so they should invest in the right renter’s insurance policy.
  • Auto insurance. Depending on your relationship with your roommate, you may allow them to use your car. If you do let them drive your car, even just to run errands once a month, it is important to make sure to add them to your auto insurance policy to ensure that you are both covered in any situation.

Most importantly, make sure to contact your insurance agent to see if you need extra coverage when living with a roommate. For all of your Texas insurance needs to ensure that you are covered in any situation, contact Tri-Star Insurance Professionals, Inc. in Plano, Texas.