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Is someone allowed to share renters insurance with New York roommates?

On Behalf of | May 4, 2023 | Landlord/Tenant, Real Estate

It’s no secret that New York has some of the most expensive apartments, condos and properties in the United States. So, many money-savvy adults want to split costly monthly rent expenses by taking on a roommate or two. Unfortunately, while roommates can split renters’ insurance expenses, it’s not always the smartest idea.

Disagreements about splitting costs

Initially, splitting renters insurance down the middle with another person seems agreeable. However, issues can arise when one party thinks they’re paying too much for their share of renters insurance. Or a significant life issue such as a job change can leave one unable to pay their share of expenses as usual. Roommates might also disagree if one person’s valuables are worth considerably more than those they live with.

Automatic involvement in a roommate’s claims

Understandably, you try to avoid unwanted stress whenever possible. But sharing renters insurance with another person means you’re automatically involved in their claims. In addition, this claim now goes on your insurance record, where it can stay for several years, potentially affecting current or future landlord/tenant relationships.

Creating new policies after every move

Some people enjoy frequently changing where they live, whether for business or personal reasons. If you or your current roommate wants to move often, this decision affects your insurance policy. Someone with renters insurance must create a new policy after a roommate moves out or a new one moves in. This rule is fine when one or more people expect to live in the same place for the foreseeable future. But frequent moves can create extra work related to renters insurance policies.

Renters insurance protects people from losses, accidental damage and additional living expenses. But, before splitting renters insurance costs, ensure your roommate is trustworthy and not going anywhere anytime soon.