8 Tips for Sharing Renters Insurance with a Roommate in Arizona

February 24, 2022
roommates signing rental agreement for apartment

When you’re sharing a living space with a roommate in Arizona, it’s important to consider carrying renters insurance. This type of insurance helps cover the cost of replacing your possessions if they are stolen or destroyed. 

Let’s go over some basic information about renter’s insurance and some tips for sharing a policy with those you live with. 

1. Do You Have to Be on the Lease to Carry Renters Insurance? 

No. You can purchase renters insurance for any situation where you or your belongings are occupying a space in Arizona, whether your name is on the lease or not. This makes renters insurance a good option for dorm rooms, apartments or homes that you share with a roommate, storage units, and many other situations.  

Your insurance agent can help you decide if renters insurance is the right option for your specific situation and how much coverage you’ll need. Be prepared for the appointment with a general overview of the belongings you’d like to insure and their value, so the agent can help you decide on a policy with the correct amount of coverage. 

2. Save Money in Arizona on Your Renters Insurance 

One of the main benefits of sharing a renters insurance policy with your roommates is that it will help cut the cost you’ll pay for the policy. If you sign up for a renters insurance policy together, you’ll be able to split the monthly premium. However, if you don’t know your roommates or are in a situation where you don’t fully trust them, you can also purchase your own policy.  

Renters insurance is not expensive, making either option viable. If you decide to split the cost of the policy with one or more roommates, make sure that you have a system in place to pay the premium each time it comes due. This will help avoid conflicts and ensure that the bill is paid by the due date. 

3. Document Your Possessions 

If you’ll be purchasing a renters insurance policy with one or more roommates, it’s important to spend time documenting your possessions. Go through your home, dorm room, or storage unit and spend some time taking photos or videos of your possessions. Write down any details about the value of your items, gather up any documentation or receipts, and store this information together in a secure location. The documentation should be stored outside of your apartment, either online or in a safe deposit box, so it’s safe from damage but easy to access if you need to file a claim. 

4. Keep Policy Limits in Mind 

As you prepare to purchase affordable renters insurance in Arizona, it’s important to keep the policy limits in mind. If you are sharing the policy with one or more roommates, you’ll want to be sure that the policy limits are high enough to cover everyone’s belongings. If not, you may want to consider purchasing more than one policy or raising the limits on the policy that you’ll be buying together. 

5. Planning for Filing Claims 

When purchasing low-cost renters insurance in Arizona, be sure to delegate one member of your household to be in charge of filing claims. This helps ensure that in the event of a robbery or natural disaster, everyone knows what to expect and who will be handling which tasks. Sharing a renters insurance policy becomes less stressful when each household member knows who will be in charge of filing a claim if necessary. 

6. What to do When a Roommate Moves Out? 

If you purchase renters insurance with a roommate, and then they move out, you’ll need to renegotiate your policy details. Your insurance agent will help you remove them from your current policy and set up a new policy. Provide your agent with a copy of your lease, and they’ll be able to remove your roommate, set you up with new coverage limits, and design a policy that meets your needs. 

roommates sitting on couch going through boxes

7. Your Arizona Insurance Record is Tied to Your Roommates 

Keep in mind that your insurance record will be tied to your roommates for the time that you share a policy. If they make a payment late or allow the policy to lapse, it can hurt your payment record as well. If you purchase a renters insurance policy together, make sure that you have a clear plan for payment that everyone understands. If you find that your roommates are regularly late on payments or missing them entirely, it may be time to consider switching to a policy of your own. 

8. Assess the Situation and Decide if You Need One Policy or Multiple 

Purchasing cheap renters insurance in Arizona doesn’t have to be an overwhelming process. However, it’s important to spend some time assessing your situation to determine if you’d rather share a policy with your roommate or purchase a policy on your own. If you don’t know them at all and aren’t confident about things like their ability to make payments on time, document claims, and remain under the limits of the policy, you may be wiser to purchase your own policy. However, if you know the person well, you may be able to save money annually by purchasing a renters insurance policy together. 

Get Affordable Renters Insurance in Arizona From Oasis 

When it’s time to buy affordable renters insurance, turn to the friendly professionals at Oasis Insurance. Visit us online or call us today at 800-330-5190. You and your roommates can also stop by one of our local offices to meet with an insurance agent in person. We’ll help you design the perfect renters insurance policy. 

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