Renters Insurance for Unmarried Couples - QuoteWizard (2024)

A renters insurance policy covers your belongings, liability and possibly extra costs if you have to relocate while your rental home is repaired. If you're renting a place with a significant other, getting a policy together may just seem like common sense.

The truth of the matter is that there are more drawbacks than benefits in sharing renters insurance with anyone, whether they be girlfriend, boyfriend or just a roommate. Sharing renters insurance with another means having to share the policy's limits as well. Also, getting claim checks cashed or policy changes can be very difficult after a breakup.

In this article

  • Can two people share a renters insurance policy?
  • What does renters insurance cover?
  • How to buy a shared renters insurance policy

Can significant others share renters insurance?

Most states allow two unrelated people to share a renters insurance policy if they live in the same rental home. Many renters insurance companies allow policy sharing as well.

Should you share a renters insurance policy with a significant other? That's a very different question. Sharing a policy means sharing its limits. For example, say you're sharing a renters insurance policy with a $50,000 personal property limit. If your rental home is destroyed by a fire, that $50,000 dollars needs to cover the replacement of both people on the policy. If that limit is hit, you and your partner have to pay for the remainder of replacements out of your own pockets.

This limit also can restrict the effectiveness of your additional living expenses (ALE) coverage. The ALE limit of a renters insurance policy is usually 10% to 30% of the total policy coverage limit. This is meant to cover the extra costs such as food and rent that arise if you need to relocate temporarily. If you are sharing the policy with another, that limit is probably going to be reached twice as quickly. Again, once the limit is hit, you're paying costs out of pocket.

Should I share a renters insurance policy?

A shared policy may make sense if both of you own many things jointly, otherwise it should be avoided. Having a joint policy can affect both of your insurance claim histories. For example, if someone steals your partner's laptop and they file a claim, the claim goes on both policyholders' insurance histories, and usually stays there for up to seven years. During that time, you can expect to see higher premium costs for your renters insurance even if you personally never filed a claim.

If an unfortunate breakup occurs, insurance-related issues can become more complicated. If you need to remove someone from your policy, most renters insurance companies require written permission from the person you're removing. This can be difficult. The same if you both need to sign a claim check. Many of the reasons to avoid getting a shared policy applies to roommates as well as significant others.

What renters insurance covers

A renters insurance policy provides coverage in three areas: personal property, liability and additional living expenses.

Personal property coverage

Personal property coverage is designed to repair or replace your belongings if they are damaged or destroyed by a covered peril. This includes the following:

  • Clothing
  • Furniture
  • Electronics
  • Appliances

If your rental home was destroyed by a peril covered by your renters insurance, you would want to have enough coverage to fully replace everything you own. The best way to make sure you have enough coverage is to create an inventory list of your possessions. Include the replacement cost, model and make numbers when available. This list will not only provide an accurate amount of coverage you need to buy, but can speed up your claim and payout processes.

Liability

The liability portion of your renters insurance policy covers you against injuries to others and property damage you're responsible for, as well as damage caused by family members or pets. Liability covers your legal costs and medical expenses for injury or damages you're responsible for, but not your own. If your dog destroys someone else's rug, renters insurance covers you. If your dog destroys your own rug, your renters policy won't cover you.

Liability limits in a renters insurance policy usually start at $100,000. While this seems like a significant amount, a long court case or extended hospital stay you're responsible for can tear through that limit quickly. It is recommended that you increase your liability limit to $300,000 if financially possible. The cost difference is usually affordable.

Additional living expenses (ALE)

If you need to relocate while damages to your rental home are repaired, ALE (also known as "loss of use") provides for the payment of extra costs due to the relocation. This includes:

  • Rent
  • Meals
  • Extra commute costs
  • Laundry
  • Furniture rental

Flood and earthquake damage are common exclusions in renters insurance policies, however they're often available as supplemental coverage.

How to get a shared renters insurance policy

If you do choose to go ahead with a shared renters insurance policy, the first step is to find a provider that allows it. A lot of insurers permit joint policies. Renters insurance policies usually have the same offerings, leaving cost as the main difference between them. Take this opportunity to compare renters insurance quotes from multiple companies. We found the average cost of standard renters insurance to be $219 a year, or about $18 a month. Take the time to find the best combo of cost and coverage.

When you do find your best choice, make sure that both you and your partner are listed on the rental agreement. Your insurer will require this in order for you two to both be on the policy.

In closing…

If you and your significant other own enough personal property together to cover in two separate renters insurance policies, getting a joint policy can be a good idea. Otherwise, the decreased individual coverage and difficulties that can arise after a breakup really don't make it a worthwhile choice. The low cost of a renters insurance policy and the problems that are avoided make getting separate policies the reasonable choice.

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Renters Insurance for Unmarried Couples - QuoteWizard (2024)

FAQs

Can two unmarried people be on the same renters insurance? ›

Assuming your state and insurance provider allow it, you may add a roommate to your policy. Verify that this is allowed by your insurance company as some won't add an additional insured who isn't a spouse or relative. Also, keep in mind that any claim your roommate files may appear on your insurance claims history.

Can I put my girlfriend on my renters insurance? ›

Your renters insurance generally won't cover your roommates' things unless they're related to you or their names are listed on your policy. Unrelated roommates should generally buy their own renters insurance.

What are 2 reasons people typically do not get renters insurance? ›

Landlords have property insurance, but those policies are designed to cover the building, rather than your personal items. Many renters don't purchase renter's insurance, either because they don't think it is necessary or believe they are covered under the landlord's policy.

Does my boyfriend need renters insurance? ›

If you don't have your own renters insurance policy, it could mean serious financial ramifications for you and the loss of all your savings. Let's say this again: when you move in with someone, if you and the homeowner are not married, you must get your own renters insurance policy.

Do my girlfriend and I need separate renters insurance? ›

Can significant others share renters insurance? Most states allow two unrelated people to share a renters insurance policy if they live in the same rental home. Many renters insurance companies allow policy sharing as well.

Does it matter whose name is on the renters insurance? ›

It protects you if someone is injured in your rented space and covers legal and medical expenses. When it comes to the name on the policy, it's essential to understand that the primary policyholder and the additional named insured are protected under this coverage.

Does renters insurance cover everyone in the house? ›

If you decide to have individual renters insurance policies, be aware that coverage from your policy doesn't usually extend to your roommate's possessions. Therefore, while having your own renters insurance policy may satisfy lease requirements, it won't extend coverage to everyone in the home.

Is Lemonade renters insurance good? ›

After reviewing more than 20 of the largest renters insurance providers in the country, our team rated Lemonade 4.6 out of 5 stars based on our in-depth methodology.

What does renters insurance actually cover? ›

Renters insurance covers personal property, personal liability, medical payments and additional living expenses or loss of use, up to the limits of your policy.

Why do landlords want you to have renters insurance? ›

Renters insurance isn't legally required, but a landlord can require tenants to have a renters policy. Many landlords want tenants to be insured to help avoid potential disputes if, say, their belongings are damaged while on the property, according to the Insurance Information Institute (III).

What are the cons of renters insurance? ›

One of the main cons of getting renters insurance is that it can be an added expense for tenants who are already paying rent and other living expenses. This can be a deterrent for some tenants who may feel that they cannot afford the additional cost of a renters insurance policy.

How to put two people on renters insurance? ›

Call your insurer to add your roommate to the policy and make sure both of you are also named on the lease. And before you sign the paperwork, have a clear discussion with your roommate about expectations so you're both on the same page.

Can I use my insurance for my boyfriend? ›

Yes. After an employee registers their domestic partnership, the employee may enroll a domestic partner in their benefits.

Do my wife and I both need renters insurance? ›

Does Renters Insurance Cover My Spouse or Significant Other? If you and your significant other live together — married or not — getting protection for the stuff you own together, along with liability coverage, is easy. Simply list both of your names on a policy, and your insurance can take it from there.

Can you add a boyfriend to renters insurance? ›

This could include your boyfriend, your girlfriend, your girlfriend's kids, your roommate, your buddy, or anyone else who lives with you and is not related by blood or law. Insurance companies classify these people as “other members” of your household.

Can I add my girlfriend to my health insurance if we live together? ›

As such, you can add a domestic partner, such as a boyfriend or girlfriend, to your health insurance. If you have employer-sponsored insurance, you will need to provide your employer with the document recognizing your domestic partnership. This could be any of the following: Affidavit of domestic partnership.

Can I cover my girlfriend on my health insurance? ›

Key takeaways: You can add your boyfriend or girlfriend to your policy, but your relationship must qualify as a domestic partnership. Domestic partnerships aren't federally recognized, so your ability to add your partner will depend on how your state defines a domestic partnership.

Can you have two renters insurance policies at once? ›

In a nutshell, the answer to 'can you have two renters insurance policies' is yes. It helps in providing additional coverage and reducing the risk of denied claims. However, there are risks, such as overpaying for coverage, conflicting coverage, and the temptation to commit insurance fraud.

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