If you’ve moved into an apartment, or a house, and have taken on a roommate to share the rent, it’s important to explore insurance options! Many landlords have insurance to cover their property if something happens, however, that doesn’t extend to the renters. If someone steals your stuff, your landlord’s insurance isn’t covering your stuff. A question we’re asked often at Tango, Tango & Tango, Inc.: if I have insurance, does my roommate need renters insurance, too? It’s a good question!

Does my roommate need renters insurance, too?
If you rent your space, whether it’s alone or with a roommate, we all know we need Renters Insurance. However, many don’t realize EVERYONE renting should have their own insurance policy, even if the renter is not on the lease.
Yes, you can have two UNRELATED people on one policy. However, the best thing to do is have separate policies for each renter.
Renter’s Insurance for all
Sharing a renter’s insurance policy can save you money, since you’ll split the cost. However, it also allows BOTH people on the policy to cancel it at any time, and without the other person’s approval. If a claim is paid out, the check is made out to BOTH people on the policy. When it comes to money and possessions, no matter how well you know someone you’re sharing a space with, you never know what will happen down the road. Best bet: renter’s insurance for each renter on their own renter’s insurance policy.
Call Your Insurance Agent
Don’t rely on Google, and a generic customer service agent, to answer your Renters Insurance questions. Many states have different rules about who can be on your Renters Insurance policy. Call a trusted and well-versed insurance agent who knows the ins-and-outs of your local insurance laws. Tango, Tango & Tango, Inc. has all the answers, give us a call at 631.543.0500.