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People sharing a place often only seek a single insurance policy. They either think they only need one per dwelling or don’t need more coverage.
Roommates also figure they can cut costs if they share a policy. Our Alan Farley Insurance, LLC team, serving Tulsa, OK, can explain why this is a "bad" idea.
Issues Arising With Roommates
No matter how well you think you know a person, there’s always a chance of disputes. If you and your roommates have to make a claim, a shared policy complicates this process.
One person may end up angry at the other people in the house, too. That’s because one act of negligence, such as leaving a stove on for too long or causing a fire, can ruin more than just property. Friendships are often severed over any shared insurance policies.
Another issue is that not everyone has the same number of belongings, and not all items are of equal value.
Someone may feel “cheated” when sharing a renter’s insurance policy. It’s difficult to divide the coverage limits in a way all roommates believe is fair.
Shared Policies are Not Recommended
Renter’s insurance policies are usually one of the least expensive of all types of coverage. The few dollars per month you might save on having your own may not be worth it.
Besides, having a separate policy helps you maximize its coverage limit. Otherwise, you would have to squabble over how much you are entitled to.
Do You and Your Roommate a Favor
Don’t make your life any more difficult than it has to be. Calculate how much your belongings are worth. Then, contact an Alan Farley Insurance, LLC agent serving Tulsa, OK.
Have everyone else living in your place call about having their own policy. Contact us if you have any questions about how much renter’s insurance you need and what it covers.