Should Roommates Get Separate Renters Insurance?

1. 

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   Terry A. McCarthy, CLU, ChFC

   President, Insurance Associates Agency Inc., West Chester, OH

   Roommates should have separate tenant insurance policies. There is no "insurable interest" in the property of the other on which to base a legal basis to pay a claim. Moreover, liability of the one without insurance will be uninsured and there are no legal means available to a policyholder to assume liability or transfer rights under a policy.

   Answered on February 1, 2015

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2. 

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   Tom Sheehan

   Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482

   For the most part, yes, roommates should buy their own policies. It is always a good idea to talk to your Insurance Professional about the specific laws in your state and terms and conditions of your contract. However, having your pwn policies means that in the event of a loss, there would be less liklihood of having to try to determine which of you owned what.

   Answered on February 5, 2015

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3. 

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   David G. Pipes, CLU®, RICP®

   Business Development Officer, T.D. McNeil Insurance Services, Fresno, California

   There isn’t a legal definition for “roommate.” The person who needs to have a renter’s policy is the person whose name is on the lease and who has personal property on the premises. The personal property of a “roommate” is not covered by the policy although it is difficult to establish who owns what. The only person who must have the liability protection is the person on the lease.

   Answered on February 12, 2015

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