Should You Add Roommates To Your Renters Insurance Policy?

Posted on May 30, 2025May 28, 2025 by admin

Roommates present a unique situation regarding renters’ insurance in Elmira, NY. Many policies won’t cover your roommate’s belongings unless they’re listed on the policy. However, several things must be considered before adding them to your personal policy.

Premium Payments

Your monthly premiums may increase depending on your roommate and how expensive their belongings are to replace. It’s unlikely they will decrease when you add another person. If there are problems with your roommate paying their half, you can also lose coverage for yourself.

Insurance Claims

Insurance claims will impact anyone listed on the policy. For example, if your roommate files a claim, it will impact the policy’s total cost and monthly premiums. This means you may pay more for your insurance even if you didn’t file a claim. This is one of the reasons companies like Stewart Agency Inc. often recommend that roommates get separate policies.

Coverage Limits

Renters’ insurance policies have coverage limits and may not be enough to cover everything for you and your roommate. These limits can vary from annual limits, depending on the company. For example, if your coverage limit is $10,000, and your roommate files a claim for $6,000 worth of damage, you may only have $4,000 left to cover damages to your belongings. Always consider the coverage you need to replace belongings when considering adding someone else to your policy.

Roommates and insurance policies can be a complex situation. Here at Stewart Agency Inc., we’ll discuss your available options to help you make the best choice for your situation. Contact us today to learn more. We’re currently serving the Elmira, NY area.

Why all renters should have renters insurance

Posted on June 28, 2024June 25, 2024 by admin

As a renter in Elmira, NY, you might think there’s no need for you to have renter’s insurance. It’s easy to assume that your landlord or management company provides adequate coverage. However, they only have insurance that protects their property, not yours. At Stewart Agency Inc., we are independent insurance agents highlighting the necessity and benefits of renters insurance.

Content Coverage

Although you’re not responsible for insuring the physical building, a significant number of your assets are likely located within your rental unit. Imagine a disaster causing significant damage or total loss to your rental. Visualize losing all of your possessions. Could you afford to replace everything on your own? Consider this: all your furniture is gone, and all you have left are your clothes. Your computer, games, appliances, and dishes – all gone. The amount of money required to replace everything could be overwhelming. Renters’ content coverage provides financial aid to help you replace the things you need.

Liability Coverage

Contrary to common belief, your landlord does not bear all the liability at your rental. If, for instance, a child is injured by your equipment, it falls upon you. If your dog bites someone, you’re responsible. If your child breaks someone’s window, you’re responsible. Hence, having liability coverage is important for every tenant.

Loss of Use

If your rental suffers significant damage due to a covered peril and you need to vacate temporarily, this coverage steps in. It helps cover the cost of your temporary accommodation and potentially even some meals.

If you have any questions about renters’ insurance, don’t hesitate to contact Stewart Agency Inc. in Elmira, NY.

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Category: Renters Insurance