While your landlord should carry coverage for the structure he or she is renting out, the policy probably doesn’t cover the contents you’ve brought into it, regardless of whether you are renting an apartment, a single-family home or even a loft. Fortunately, renters insurance is one of the most affordable coverages you can buy.
There are several variables that are affected by your living situation. For example, the amount of coverage you need depends on how much you have. Renters insurance also offers you liability insurance, which would protect you for bodily injury or property damage caused to another person (e.g., your bathtub overflows and leaks into the downstairs apartment or a person is injured during a visit).
Should you and your roommate share a renters policy? Renters insurance protects only the property of the individuals listed on a policy. So, unless your roommate is listed as a named insured (or is a domestic partner, spouse or member of your family), he or she will not be covered and we recommend a separate policy. Every situation is different and we are here to help you navigate your insurance needs. Give us a call.