Why Every Renter Should Consider Renters Insurance – Even With a Roommate

Just because you don’t outright own your home doesn’t mean that you don’t need insurance. While renting a house, apartment or other residence might generally involve lesser financial stakes, you still face certain risks. Fortunately, JSW Insurance can help tenants in and around Dublin, CA understand and obtain ideal renters insurance.

Why Is Renters Insurance Important?

Consider the following real-life scenarios and how lacking renters insurance could leave you facing expensive costs and consequences:

• If vandals or burglars break into your building, your landlord’s insurance would likely only cover structural repairs. As such, you’d need your own renters insurance to avoid having to pay out of pocket to replace your belongings.
• Imagine you accidentally leave your sink or bathtub running, causing it to overflow. The unit below you could suffer severe water damage for which you’d be responsible. The personal liability coverage portion of your renters insurance could be critical in compensating your landlord and neighbors.
• A fire breaks out, and the resulting damage renders your home temporarily uninhabitable. During this period, your renters insurance might compensate you for additional living expenses, such as if you have to stay at a hotel or pay for a storage unit.

Is Coverage Required?

Renters insurance is not usually required by law, but landlords have the right to mandate coverage as part of lease agreements. This means that lacking a suitable policy could keep you from being approved as a tenant or potentially lead to eviction. Even in the absence of such requirements, insurance is an advisable investment to limit possible out-of-pocket losses.

What if My Roommate Has Insurance?

Although many carriers may allow multiple tenants to be listed on the same renters insurance policy, it’s often a good idea to have your own coverage. By sharing a policy, you may end up facing consequences arising from a situation that has nothing to do with you, such as if your roommate’s belongings are stolen or they are the at-fault party in an accident affecting other parties. This could mean your rates would likely increase, even though you personally were not involved in the incident that led to the claim.

We’re Here to Help

At JSW Insurance, we’re prepared to help you tackle your renters insurance needs. Contact us today to get started.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.