You are moving in with your friend and excited about sharing a space, having some fun together and not paying as much for rent. Yet, renting any space requires careful financial planning beyond just the rent. For most people, the need for renters insurance is essential.

This type of coverage helps to provide you with protection if and when you are faced with a loss such as if a fire destroys your property or if a thief breaks in. A common question, though, is whether or not both parties in this situation need to maintain coverage.

Protecting Against Risks

Renters insurance is a policy that provides you, individually, with protection. This policy does not cover the structure of the building or any property that is considered the landowner’s responsibility. It covers your individual belongings and your risks.

When you consider renters insurance in this light, it is clear to see you need the coverage in place for yourself. Unless you are a married couple or share the same policy (in which both of your names are listed) you should have your own renters insurance policy, even if you are sharing a space.

What it Covers Matters

Take a closer look at what renters insurance covers and you’ll see the value of having your own policy in place.

  • It provides you with liability protection. If someone is hurt within your property and you are negligent, it aids in covering any responsibility you have for medical bills.

  • It protects your personal belongings in cases such as fire or theft.

  • It can help to safeguard high-end valuables that you own.

A policy in place on the same property with your roommate isn’t enough to protect your individual claim. However, you may wish to speak to your insurance provider about the amount of coverage you both have in place, especially over items that may be shared.

The right policy aims to minimize financial loss you face due to a covered claim. However, you may not need a high level of coverage for risks you both share. Don’t overlook the value of renters insurance in protecting your financial future from risks you cannot see or prevent from occurring.

Get the coverage you need. Call A-Best Insurance at 713-681-1967 for more information on Houston renters insurance.

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