1. 3998 POINTS
    Matt BenorePRO
    Founder, DenverWest Insurance Professionals, Inc.,
    Who owns what in the apartment or home you are renting?
    YES, each roommate needs to have Renters Insurance.  Your insurance will only cover your material possessions.  If you own all of it, then you there really is no reason for the roommate to have the insurance.

    Be sure to get the replacement value v. current value renters insurance.  It will cost a little more however which would you rather have, the value your TV is currently worth or what it costs to get a new one?
    Answered on March 25, 2014
  2. 185 POINTS
    Steven Sanderson
    Agent, Cornerstone Associates Insurance Services, Inc., Lincoln, CA
    There are very few companies that write non-related individuals on the same renter's policy.  This status of delineating coverage is called "Named Insured."  The drawback to these policies is that a claim check would be made payable to ALL named insureds; so if only your stuff was stolen from your vehicle or otherwise damaged, your roommate would also need to sign off on the check before you can cash it.  The other drawback is that, in the event of a claim, it goes on the personal history of all named insureds.  So if your roommate has a claim, it can penalize YOU for the next 3 to 7 years (depending on company) even if you guys separate households.

    Even if a roommate has no personal property (i.e. contents), a critical component of renter's insurance is liability.  Ideally, each roommate should have renter's insurance, so that if a guest is hurt on premises, the lawsuit could be filed against the responsible person.

    Most renter's policies also include Personal Injury coverage under the liability, but some do not.  Personal Injury covers damages to a third party that you may be legally liable for, but where the injured party suffered no physical injuries.  The most prevalent claim currently is slander/libel from social media.  Refer supra to what I indicated about claim history.  Do you really want to be responsible for your roommate's posts online?  I know I do not.

    I currently rent myself as it is a better deal where I live than ownership.  I do have a roommate, and we each have our own separate policies.
    Answered on March 25, 2014
  3. 135 POINTS
    Cody Hughes
    Owner/CEO, Tristate Insurance, Missouri, Oklahoma, Arkansas, Kansas
    Typically, Yes. Renters insurance coverage is nothing more than coverage for YOUR personal items. So if you are in a rental apartment with 3 other people, you would each want to get your own policy to cover your specific items.

    But be careful. Renters policies will have limits on certain items like, cameras, musical instruments etc. So although you can have $10,000 in coverage, but have a $3,000 guitar, you might not be fully covered. (depending on the policy limit). Be sure to ask your agent specific questions to make sure
    Answered on September 25, 2014
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