Whether you have a roommate in your rental or live alone in a rental property in Memphis, TN, our Keltner Insurance team can help you protect your home or apartment through a renter’s insurance policy. For those who live with roommates or housemates, it can be a good idea to ask whether it makes sense to have a single policy for the entire rental or purchase separate policies for each housemate. While every policy has different terms and limits, you may find that choosing the renter’s insurance arrangement that works for you can be wise.

Count the Cost

One of the main reasons people have a roommate is to save money on the cost of living. From splitting rent to sharing the burden of utilities, roommates slash the amount of money each person needs to afford housing. Still, a single policy can have hidden costs.

When you have a renter’s insurance policy with your roommates, you might have claims on your insurance history if your roommates file claims under that policy. This can drive up the costs of getting a renter’s insurance policy in the future. It can also affect your overall coverage since you may have to pay for things out of pocket that would usually qualify once you and your roommates have reached the policy’s limit.

Consider Your Needs

If you need a policy that offers robust coverage for collectibles, you may want to get your own. Your roommates might not have the same needs and may also not want to pay the rate you’re willing to pay.

To insure your rental with or without roommates, call our team at Keltner Insurance in Memphis, TN!