In most cases, it is a good idea to have your own renters insurance policy. However, if all roommates are listed on a lease, it may be possible to share coverage and premium costs.
Broken pipes, leaking roofs and storms can cause significant water damage. Much like with home insurance, most renters insurance policies provide some coverage for water damage. Additionally, some renters insurance companies, including Lemonade, our top pick for college students, offer special endorsem*nts for flood damage. Review your individual policy to see if there are exclusions for water damage or if you need a special rider.
It’s a good idea to have a renters policy when you have a roommate, even if that person is your non-related significant other. An exception would be if you are listed on his policy, or you have both decided to share a joint policy.
Both policies provide liability and personal property coverage. However, a homeowner’s policy also pays for damages to the physical structure of a house and any outbuildings. Renters insurance policies tend to be much more affordable because they do not include this coverage.
