Renters’ insurance is a specific type of insurance designed to protect your personal property if you’re renting. While typical landlord insurance policies won’t cover your personal belongings, such as clothing, shoes, furniture, etc., renters’ insurance does. However, it only covers certain events, and the situation with roommates can be complex.
Covered Events
Insurance policies, including renters’ insurance, only provide coverage for specific events. Common examples of covered events for renters’ insurance include:
- Water damage
- Theft
- Vandalism
- Mold damage
- Fires
Policies typically list covered events to help policy owners easily determine if they can file a claim. Companies like AS Insurance Agency can also review your policy with you to let you know if something is covered.
Renters’ Insurance And Roommates
Roommates often present a complex situation regarding renters’ insurance. Many roommates are not covered under the policy unless you add their names to it. However, if they are added and file a claim, it can impact your premiums, so everyone should have a separate policy.
Does Renters’ Insurance Cover Theft By Roommates?
Theft by roommates in Manchester, NH, may or may not be covered, depending on your policy. Many insurance companies specifically exclude roommate theft and encourage people to choose trustworthy roommates. However, they may cover vandalism if your roommate destroys your things. Read your policy carefully to determine whether this is covered.
Companies that do cover theft by roommates may require a police report to prove the item was stolen or damaged. Many companies will file a lawsuit against the roommate to recoup the money they spent reimbursing you for your things. This claim can also impact future coverage and premiums, as can any claim filed.
It’s always important to understand your policy before inviting a roommate to move in. Contact the professional agents at AS Insurance Agency to learn more about renters’ insurance coverage. We currently serve the Manchester, NH, area.
