1. 15 POINTS
    ScullyMonroeJo
    Producer, Scully-Monroe Agency, Inc., Howell
    This information is based on knowledge on the most basic level:

    Yes you do. Typically in insurance, if you don't own something, you can't insure it. So for example if each of you have a TV in their bedrooms, and a fire destroys the TVs, one person's insurance may not claim all 3 TVs because he did not own all 3 TVs. You may typically only insure what you own based on Michigan insurance guidelines.
    Answered on July 20, 2015
  2. 14231 POINTS
    Tom SheehanPRO
    Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
    Talk to your Insurance Professional, but in my experience, yes, you would each need to obtain your own policies. Though you all will be living together and no doubt sharing some of each other's things, none of you have any "insurable interest" in each other's personal property. The above examople of a loss to three separately owned TV's is a very good example.
    Likewise, if one of your room mate's negligence causes property damage or injury to another person, the fact that you happen to share an apartment does not necessarily hold you and your other room mate legally liable for the action of your buddy. That person's policy and insurance company claims professional then would be handling the claim, not yours.
    Answered on July 20, 2015
  3. 21750 POINTS
    Jim WinklerPRO
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question! Yes, is the short answer. Your roommates insurance company will not pay you for your stuff, or house you, if something were to damage the apartment enough to force you out of it. They will only pay for whomever has the policy, and whatever they have covered under their policy. The rest of you would be out of luck. Nor would they cover your part of the expenses if it was from your apartment that the fire, smoke, water, etc. damage originated. Only the person with the liability coverage will be helped. Protect yourself, and get a policy. They are relatively inexpensive, and can be a Godsend should there be a problem in your home, or with your stuff. Thank you for asking!
    Answered on July 22, 2015
  4. 102 POINTS
    Anthony Griffin
    Renter’s insurance premiums take into account the value of the property being insured. So your roommate’s valuables may send your premium up. While a specific dollar amount isn’t assigned to each of your valuables, the insurance company will use everything you inventory as insurable to determine the overall price of your policy. So more stuff makes for a higher premium. While you might still think splitting a higher premium is cheaper than paying your own, consider the drama of deciding your portion of the deductible and dividing up the payout. It’s most prudent to purchase separate policies in order to keep your finances separate.
    Answered on August 10, 2015
  5. 1826 POINTS
    David W. ClausenPRO
    Chief Executive Officer, Coastal Homeowners Insurance Solutions, Rocky Point, NY 11778
    Yes you would need to have all 3 occupants have their own insurance policy unless the insurance company would be willing to write all 3 of you as a named insured on the policy. If all 3 of you are listed as a "named insured" than coverage would be provided for all 3 named insureds.
    Answered on August 12, 2015
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