Can my roommates and I get a group renter’s insurance policy?

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Hi, I’m going to be renting a house with 3 friends this semester, and I’m looking at renter’s insurance. My current insurance company says they don’t do policies that would cover the whole household. Is this just common practice, or is it possible with another company? Are we better off just getting individual insurance, or could it be cheaper to get one policy to cover the entire household?

  1. Reply
    June 27, 2011 at 5:30 pm

    You should each have your own rental policies to cover your belongings. Why would you want to cover someone else’s things???

  2. Reply
    June 27, 2011 at 6:01 pm

    Most insurers won’t insure YOU when sharing an house/apartment with one unrelated individual, I’m surprised they sold you a policy when you’re sharing the place with three. No one is going to issue a tenant’s policy with four unrelated individuals on the policy. The best you can do is find an insurer to issue four individual policies, however I’m sure they’re going to restrict burglary coverage to theft (i.e. there must be signs of visible forced entry from the outside in order for coverage to apply). They do this because the more roommates you have the greater the chance that something of yours is going to mysteriously grow legs and disappear.

  3. Reply
    June 27, 2011 at 6:16 pm

    I don’t really think it’s appropriate to take out “renting” insurance on other people.

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