Click to CallIf you rent a home or an apartment in Oklahoma City, OK, getting a renters insurance policy to protect your belongings is critical. But how do you protect your belongings if you have a roommate? You have options when selecting renters insurance for more than one person. Vance Insurance Group LLC can help you choose the policy that makes the most sense.
Insurance Options for Roommates
When you rent, you can choose between a standard policy for yourself or a joint policy. Individual policies will only protect your belongings, not your roommate’s. Many insurance industry experts consider this option to be the better one, especially when several people live in the same rental unit. Individual policies allow each person to delineate ownership and cost and tailor coverage to their needs.
Some insurers offer shared policies for roommates. This route can help you save money as you will share the premium. However, if you select a shared policy, you must know the drawbacks. You’ll have a single coverage omission, which is generally split equally among all policyholders. Filed claims will appear on everyone’s record, even if none of your items were damaged or lost. Everyone on the policy must sign reimbursement checks for covered losses.
What To Consider Before Buying a Policy
Check if your landlord requires all renters to have insurance. If not, your roommates can opt out. Consider how much property each person has. If you have a higher amount, an individual policy may make more sense. Ask your insurance company about how they handle claims on a shared policy and whether adjusting policies for personal needs is possible.
Don’t leave yourself short when considering renters insurance. Let Vance Insurance Group LLC, serving residents of Oklahoma City, OK, help you find the best policy to cover your personal belongings when renting.
