Skip to content
Click to Call
McBride Benefit Solutions

407 S Court Street
Florence, AL 35630

Get Directions

McBride Benefit Solutions Blog

Can My Roommate and I Combine Our Renters Insurance?

Roommates sharing renters’ insurance policies is relatively common, and many insurance companies allow those policies, but they are not for everyone. A shared renters insurance policy can be the best option for some people, but you should consider several issues before choosing that option. If you need answers concerning renters or other forms of insurance, contact our McBride Benefit Solutions team, which serves the Florence, AL, area.

Roommates Sharing a Renters Insurance Policy

Roommates often share renters’ insurance policies for convenience and to save money. Shared policies require a single payment and allow roommates to share the insurance costs. However, renters’ insurance is relatively inexpensive in Alabama, averaging $27 per month for $40,000 in personal property and $300,000 in liability coverage with a $1,000 deductible.

Renters’ insurance is inexpensive, but shared policies can bring complications. One occurs when a roommate moves out. Who pays the premium moving forward? Also, roommates sometimes argue about how to share the cost when one roommate has more valuable possessions.

A crucial consideration, however, concerns if you make a claim. When you are included on a shared insurance policy, each claim becomes part of your seven-year insurance record, so a claim filed by a roommate becomes part of your long-term insurance record.

These issues may cause little concern if your roommate is someone you know well, but that is not always the case. Remember that a shared insurance policy is a shared legal obligation, so a slightly higher expense may be a better option to maintain legal separation.

Insuring with McBride Benefit Solutions

McBride Benefit Solutions serves the Florence, AL, area and will help develop an insurance plan to meet your needs. Call us today at 256-767-2603 or stop in to protect yourself and your possessions.

Is Renter’s Insurance Really Necessary?

If you’re renting an apartment or space in a private home, then you’ll need renters insurance. The basic structure is covered under homeowners or commercial property insurance in the case of an apartment complex. The contents are covered to a point, but not in an apartment building. McBride Benefit Solutions explains why renter’s insurance in Florence, AL is necessary.

Define Necessary

Your personal possessions are worth something to you, especially if you have works of art or professional equipment. You’d want reimbursement for these things if an emergency happened.

If something happens to the structure such as fire or flood, then you’ll need a place to stay while the structure is repaired. This and more costs money you might not have. The coverage from the renter’s insurance will help.

If you’re like most of us, your financial records, your work, your family pictures, and more are stored on your computer. Lose that, and the information could be irreplaceable. This may be one of the most important reasons to get renter’s insurance.

What If I’m Away From Home?

Many policies cover you when you’re not home. Let’s say you were visiting Aunt Harriet in Idaho, and you stopped for a meal. If your phone or laptop is taken, then your renter’s insurance could cover the loss. Check with your insurer to make certain.

What If I Don’t Have Renter’s Insurance?

Possibly nothing. Possibly you could be on the hook for replacing your belongings in the case of an emergency. It’s up to the renter if the small savings are worth the loss of their possessions. It isn’t legally required, so it’s ultimately up to the renter.

Reach Out To Us

Insurance is there to replace things in our lives when things go south. Even renters enjoy protection normally given to homeowners. Drop by our office in Florence, AL, or call us at McBride Benefit Solutions to learn more about it.

Partner Carriers

  • Aetna
  • Aflac
  • Beazley
  • Chubb
  • Cigna
  • Colonial Life
  • Dearborn
  • Foremost
  • Guardian
  • Hagerty
  • Liberty Mutual
  • Mutual of Omaha
  • National General
  • New Era Life
  • Openly
  • Orion 180
  • Principal
  • Progressive
  • SafeCo
  • State Auto
  • The Hartford
  • Travelers