Sharing a place to live with a roommate can be a great way to save money and resources. Many insurance carriers offer the ability to add two unrelated adults to a single renter’s insurance policy. However, sometimes this isn’t always the best option.

Here are three reasons not to share a renters insurance policy with your roommate.

Reason #1: Connected Together

Probably the most important reason to not share a renters insurance policy with your roommate is that is connects the two of you together. This means that if one person moves away, it could be extremely difficult to remove the other from the contract.

In addition, any claims checks that are received as part of a loss will have both of your names, making it extremely hard to cash if you aren’t speaking or one of you lives far away. By each of you having your own policies, you are treated as individuals and do not have to consult each other before any policy changes.

Reason #2: Personal Property Coverage

Another reason to have separate renter’s insurance policies is the difference in personal property coverage. If you have a lot of stuff and your roommate does not, it is probable that you would want a higher limit. Unfortunately, more personal property coverage means a higher premium. By having individual policies, the two of you can each cover your own items without having to include the other person’s belongings.

Reason #3: Liability Coverage

Another reason to have separate policies is liability. The liability coverage included on a renters insurance policy extends past what happens in your house or apartment. This means that if you share a policy and your roommate accidentally causes injury or damage to someone or their property while away, the claim would be on your record. If you have separate policies, the incident would only affect your roommate individually.

Learn more about renters insurance coverage today. Contact our team at the Advantage Insurance Network for details.