Renter’s Insurance – Does My Roommate Need a Separate Policy?

If you happen to be renting, you don’t have to worry about having a home insurance policy; however, it’s wise to take steps in protecting yourself and your valuables with renter’s insurance. Your landlord’s homeowner insurance won’t be able to protect your items in the event of accident, theft, or natural disaster – it only protects what is theirs.

Getting a renter’s insurance policy is easy enough for one person, but what happens when you have a roommate? Does your roomie need an insurance policy as well, or will one policy be enough to protect the two of you? Find out below!

In all actuality, renter’s insurance is intended for single people, married couples, and families that co-own their valuables. If you’re single but have a roommate, your renter’s insurance may cover your roommate’s stuff, but it can pose as a real risk to you. For instance, if your roomie’s brand-new laptop is stolen or damaged from a natural disaster, your premium may jump up quite a bit.

So in short, YES, you should each consider getting separate policies to cover your valuables separately. It will save you a lot of time, hassle, and grief.

What if you don’t have a renter’s insurance policy? You’ll have to sign up for a policy, but you will need to keep in mind that there are two very different policies with their own premiums and payouts – Actual Cash Value (ACV) and Replacement Cost. ACV policies will only reimburse you for the value of the item(s) at the time it was stolen or damaged while a Replacement Cost policy will replace the actual item for you as best as possible. You will want to talk about this thoroughly with your insurance agent to determine the best policy for you.

Overall, your renter’s insurance will be able to cover your valuables from the following:

*Fire or lightning

*Windstorm or hail


*Riot or civil disturbance




*Vandalism or malicious mischief


*Broken glass

*Volcanic eruption

*Falling objects

*Weigth of ice, snow, or sleet

*Accidental discharge or overflow of water

*Sudden and accidental tearing apart


*Artificially generated electrical charge


If you’re in the hunt for a renter’s insurance policy (or if your dear roomie needs one), talk to the best in area – Madison Mutual. Give us a call at 1-800-766-MMIC to get started or to talk to your agent. Find out more about us online at!