Can You Get Renters' Insurance if You Rent Just a Room?

A renters insurance policy covers the value or replacement cost of your belongings if they are damaged, destroyed or stolen. Having a policy can protect you from the cost of having to replace expensive personal belongings in an unexpected event. Renters insurance is typically issued to a whole household, but you can also buy a policy for yourself if you only rent a room.

Room Rental

The size of the space you rent does not affect whether you should get renters insurance. The main consideration is the value of your personal belongings in the room. If you have a lot of electronics in your room, they might cost more than someone's belongings scattered throughout a whole house. If you want insurance to cover the replacement of damaged, destroyed or stolen belongings, you should purchase a renters insurance policy.

College Students

College students who are living on campus are often covered by their parents' renters insurance or homeowners insurance policies. However, you should call to confirm whether this is true with your policy. Some insurers extend the benefit to students living off-campus as well, whereas others do not even cover students living on campus. In addition, the student's coverage is often limited to just a small percentage of the parents' policy, according to Bankrate.com.

Roommates

Individuals or families who share the rental of a single dwelling unit can sometimes share a renters insurance policy as well. It depends on the state of residence and the insurance company's rules. If you rent a room and are interested in sharing a policy with other renters at the same address, call the insurance company and ask whether this is allowed. If it is, you might need to list all of your names on the policy and increase the amount of the coverage so it is enough for all of your belongings.

Amount of Coverage

You should choose a renters insurance policy with enough coverage for your personal belongings. Your policy does not need to account for the value of the building or anything in it that does not belong to you, such as appliances that your landlord provides. These are all covered in the landlord's homeowners insurance policy. When adding up the correct coverage amount, consider whether you would like to get a policy that gives you each item's fair value or the amount to replace the item. A replacement cost policy is slightly more expensive, but it also helps ensure that you have enough coverage to purchase comparable items to the ones you lost at today's prices.

References

• Bankrate.com; Insuring a Good College Experience; Jenny McCune; January 2005
• National Association of Insurance Commissioners: Renters Insurance for College Students
• Insurance.com; Does Roommate's Renters Policy Cover Me?; January 2007
• Georgia Insurance Information Service: Renters Insurance Is Very Important