Renters Insurance for family arrangements
When the economy took a turn for the worse, many recent graduates and other young adults found themselves moving in with family to wait out the storm. Renting from family or renting with a family member is a great way to save money. And although it isn’t a traditional rental setting, it still pays to have renters insurance.
Will I need renters insurance if I am living with family? In many cases, yes. Someone in the household needs to be insured and you should be added onto the policy; this is often already done if you’re living with your parents or guardians. If you are living with siblings or other family members, it is possible that spouses, kids, and other family members are on the policy but you are not. It is in your best interest to have renters insurance for yourself and your personal belongings.
Will I need renters insurance if I am subleasing a property? Yes. In some cases, a home has been converted into apartments, distinct living spaces for multiple tenants. The landlord’s insurance covers the building but rarely the tenant’s possessions. Even if the landlord or another tenant is a family member, you should still invest in renters insurance. This way, your space, your items, and your guests are protected under your coverage.
Yes, guests need coverage, too. If a guest were to stumble on a loose plank in the living room, or slip and fall in your kitchen, you are responsible for covering any damages. In many cases, the landlord’s insurance excludes liability for events that take place within the rented space.
How much renters insurance will I need? Since you are renting only a portion of the space (and not the entire home or building) your insurance may be less expensive than you think! The exact amount of coverage, however, varies from individual to individual. Use the Personal Contents Calculator to determine what coverage amount is right for you.