Cornerstone Agency Services has merged with Union Bay Risk Advisors. Same exceptional service with a broader range of insurance choices!
Union Bay - Cornerstone Co-Branded Logo-fotor

Renters Insurance: Essential for Roommates?

Living with roommates can be a fun and economical way to manage living expenses, however it's not just the rent and utility bills that should be split among roommates. Renters insurance, which is often overlooked, plays a vital role in protecting your personal belongings and covering liabilities that might not be the first thing on your mind when signing a lease. Let's dive into why every roommate should consider having renters insurance.

What is renters insurance?

Renters insurance is a policy created to protect tenants from unexpected events. It covers personal property, provides liability coverage and can help with additional living expenses if your rental becomes uninhabitable due to covered perils.

Personal property coverage

Think about everything you own: electronics, clothing, furniture and personal items. Imagine replacing everything immediately if a fire destroys your apartment or a thief breaks in. For many, this would be a financial disaster. Renters insurance covers the replacement cost of your belongings up to your policy's limit. Each roommate's policy ensures that everyone's possessions are adequately covered without disputes about whose items are whose in case of a claim.

Liability protection

Liability coverage is an essential part of renters insurance. You may be held liable if someone is hurt in your apartment. Liability coverage helps to protect you in these situations by covering legal costs and potential medical bills. With roommates, the chances of such incidents can increase simply due to more people moving about. Each roommate's own policy ensures that everyone's liability risks are individually addressed.

Splitting costs vs. Individual policies

While it might seem more accessible and cheaper to split the cost of one renter's insurance policy among roommates, this approach can lead to complications. Coverage limits might not cover all roommates' belongings, leading to confusion or disputes in the event of a claim. Individual policies ensure that each roommate's personal property and liability are covered according to their needs and values.

Communicate with your insurance provider

It's essential to discuss your living situation with us. We can help determine the best approach for you and your roommates, ensuring that everyone has adequate coverage without any gaps.

As a renter, having insurance is a proactive step for achieving peace of mind and financial security. For roommates, it is not just a wise decision but essential for each person to have their own policy. It ensures that everyone is protected according to their specific needs and reduces potential conflicts in the event of a claim.

If you live with roommates or plan to, now is the perfect time to contact us. Discuss your needs and ensure that your policy covers all aspects of your shared living situation. Being informed and prepared is your best defense against the unexpected.

Contact Us To Know More

Name(Required)
"By submitting my phone number, I hereby authorize Cornerstone Agency Services, LLC to communicate with me through text messaging."
Consent - Cornerstone Agency Services, LLC Privacy Statement:(Required)
This field is for validation purposes and should be left unchanged.

Is Renters Insurance Worth It?

You've probably heard about renters insurance if you're renting an apartment or house. Maybe your landlord mentioned it, or you've seen ads online. But is it really worth the cost? Let's break it down and see how renters insurance can protect you, your stuff, and even your wallet. What Is Renters Insurance? Renters insurance is […]

Read More

Is Renters Insurance Worth It?

You've probably heard about renters insurance if you're renting an apartment or house. Maybe your landlord mentioned it, or you've seen ads online. But is it really worth the cost? Let's break it down and see how renters insurance can protect you, your stuff, and even your wallet. What Is Renters Insurance? Renters insurance is […]

Read More

Term vs. Whole Life Insurance: Which One Is Right for You?

Picking the right life insurance policy can feel overwhelming. With so many options out there, it’s easy to get lost in the jargon. However, understanding the basics of term and whole life insurance is important for ensuring your loved ones are financially secure. Let’s break it down in a way that’s easy to digest. What […]

Read More
We extend coverage to individuals and businesses in 
Pennsylvania, New Jersey, and Florida.
Toll Free - (888) 499-2762

Direct to Branch Offices:
Lancaster, PA (717) 898-5982
Moorestown, NJ (856) 499-5191
Elkins Park, PA (215) 298-9398
Philly, PA (267) 678-1705
Tampa, FL (813) 330-5707
Mt Pleasant Mills, PA (570) 539–2758
Garnet Valley, PA (484) 301-3292
Altoona, PA (814) 979-1480
Ebensburg, PA (814) 615-7992
© 2024 Cornerstone Agency Services, LLC Designed by Amplispot
Privacy Policy
Get Quality and Affordable Insurance
Get QuoteContact Us
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram Skip to content