For the most part, yes, unless you're married or live with your parent(s). For the property part of your insurance, you must have an insurable interest in the property. The insurance company will only pay the owner of the property in the event of a claim. If you don't own it, you have no loss. If you're married, the property is considered to be owned by both so either can collect from a loss.
For the liability portion, you must be a named insured or the dependent of a named insured. If you have a roommate and you both get sued, your liability covers you and their liability covers them. Look at it this way, if you're roommate gets sued for doing something negligent, do you really want that to be your problem?
A good agent will help you choose the right coverages for your situation and build a policy you can afford. Be smart and find an agent you can trust. It'll save you money in the long run.
Tenants should have renters insurance to insure the contents inside their apartment as well provide insurance should they cause the structure to be damaged by fire, flood or smoke. If you are the tenant in an apartment and accidently do somthing in your apartment that damages anothers personal property and or the building, you could be held liable for the damage. Most renters insurance offers a minimum of 25000 in contents coverage and 300,000 in personal liability coverage. This insurance generally costs about $20,00 per month.
Insurance Advisor, Lordship Insurance Services, California
It is always wise for a tenant to carry Renters insurance. Many people believe that since an owner has a policy on the property, their possessions are covered as well as his. But the policy a landlord holds does not carry much coverage for personal property. It is really more for protecting the property, not personal property. Renters insurance ensures the tenants possessions are covered in the event of theft, fire or some type of disaster.
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For the liability portion, you must be a named insured or the dependent of a named insured. If you have a roommate and you both get sued, your liability covers you and their liability covers them. Look at it this way, if you're roommate gets sued for doing something negligent, do you really want that to be your problem?
A good agent will help you choose the right coverages for your situation and build a policy you can afford. Be smart and find an agent you can trust. It'll save you money in the long run.
Keith Prim
Dallas, TX
214-435-0791