We’ve all heard horror stories about bad roommates who make the lives of those under the same roof an absolute nightmare. While it can definitely be unnerving to live with someone like this, it is important to understand where having a renters insurance policy fits into the situation. Here are three tips to consider.
Tip #1: Make Sure You Have Separate Policies
If you don’t exactly trust your roommate, having separate renters insurance policies is a must. This not only saves you the hassle of having to have both of your names on any claims reimbursement checks, it keeps you from having to remove them when your time together eventually comes to an end. Furthermore, having a separate policy means you are not subject to their liability risk. If they do something crazy that results in a claim, they are required to file against their policy and not yours.
Tip #2: Know That Intentional Acts Are Excluded
It is also important to remember that intentional acts of vandalism or theft are specifically excluded from most renters insurance policies. This means that if your nightmare of a roomie suddenly decides to destroy your belongings or take what isn’t theirs, the claim may not be covered. Ultimately, it is up to the insurance company whether to honor the claim or not—and many will not if these acts are done by somebody living under the same roof.
Tip #3: Take Extra Precautions with Valuables
While most companies do not pay for intentional acts, some do if you can show you did everything in your power to keep your roommate from accessing your belongings. This can be done by keeping valuables stowed away in an area where the other party has virtually no access or would have to go through tons of work to even gain access, such as a private safe or locked closet.
To learn more about renters insurance coverage, please contact us at Runnels Insurance today.