One common way for people to save money nowadays is to board with roommates, or rent out a room in their home. However, did you know that having a roommate complicates your insurance coverage? That’s right! Here’s how the girl or guy living in the other room may affect your insurance premium:
- Insurance carriers don’t like seeing that you have a roommate when it comes to your liability coverage.
- If you lie about having a roommate, your insurance carrier will most likely cancel your policy.
- Some companies will increase your premium rate to accommodate for the added risk.
- If your roommate steals any of your possessions, they will only be covered if they were stolen from certain parts of the house.
- Your homeowners insurance policy will cover up to $2,500 dollars for certain features that the tenant uses, such as appliances.
If you would like to purchase a renters insurance policy to protect your belongings, please contact Phocus Companies, located in Phoenix! Our experienced insurance agents are excited to help you purchase the right amount of coverage for your specific situation!
