If you find yourself living with roommates, protect yourself and your belongings with your own renters insurance policy. Some insurance companies permit the inclusion of roommates on one policy. However, the best way to protect yourself is by having your own renters insurance policy. With your own policy, you can make sure you have the coverage you need for your belongings.

Renters Insurance Policies Were Made To Cover Family, Not Friends

Most renters insurance policies cover the "named insured" as well as relatives of the person who is insured and are living in the same household. Renters insurance policies were not made to cover everyone living in the same dwelling. So if you are not related by blood or marriage to your roommate, you need to obtain your own renters insurance policy.

Romantic relationships are the one exception to the rule. If you are romantically involved but not married to your roommate, and share communal property, you can be on the same insurance policy. However, you have to specifically add your romantic partner to your insurance policy as an "additionally named insure."

A Renters Insurance Policy Will Allow You To Protect Your Belongings

Your renters insurance policy will cover either the actual value or the replacement cost of your belongings if they are stolen, destroyed or damaged. Your policy will not cover the property of your roommate, nor will your roommate's policy cover your belongings.

You can choose your level of coverage based upon how much stuff you own. Between furniture, clothing, jewelry and electronic items, the average renter has at least $20,000 worth of belongings. Just take a look around your apartment and start adding up how much it would cost you to replace everything you own. You may be surprised how quickly it all adds up. That sum is how much it would cost you to replace the damaged or stolen items yourself.

A Renters Insurance Policy Can Protect You From A Liability Suit

If someone is injured in your apartment, they have the legal right to sue you. If you have renters insurance, your insurance company will pay for your legal representation. If you lose the suit in court, your insurance company will pay the settlement for you. Without renters insurance, it can be very costly to defend yourself against a liability lawsuit.

If you are not specifically listed on your roommate's renters insurance policy and a guest gets hurts at your house, they can sue both of you. Your roommate would be represented by their insurance company, but you would have to pay for legal representation out of your own funds: one of the many reasons why it's best to have your own policy. Insure yourself, get personally covered with renters insurance. 

Get Your Own Policy Today

Unless you are related to your roommate, or in a romantic relationship with your roommate and are specifically listed as an "additionally named insured" on their policy, their coverage does not extend to you and your belongings. If you do not have your own renters insurance policy yet, call up a local insurance agent, like those at Angel Auto Insurance, and inquire about a renters insurance policy today. A renters insurance policy will allow you to replace all of your belongings if they are stolen, destroyed or damaged. It can also protect you from potential lawsuits and costly legal bills.