Can I Share Renters Insurance With My Roommate?
Some companies allow you to share renters insurance with your roommate, but it might not be a good idea.

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Your insurance company might allow you to share a policy with your roommate, but it's probably not worth it.
The average cost of renters insurance is $148 a year, or about $12 a month, according to NerdWallet’s rate analysis. Splitting that cost with a roommate would save you only a few dollars each month while putting you at increased risk.
Sharing a renters insurance policy means linking your finances and insurance history to someone else’s. Here are the risks to consider before sharing a policy and tips on how to minimize those risks.
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Risks of sharing renters insurance with roommates
When you share an insurance policy with your roommate, you can be held responsible for any claim on the policy — even if you weren’t involved in the incident.
Say you’re sharing a policy and your roommate files a claim. Even if you had nothing to do with the incident, that claim will also go on your insurance record and stay there for up to seven years. Having a claim on your record could raise your future premiums by 20% or more, according to NerdWallet’s rate analysis.
Plus, roommate situations can change frequently. Say your roommate gets a new job and moves out before the end of the policy term. You'd have to reapply for insurance or update your existing policy.
Tips for sharing renters insurance with a roommate
Evaluate your roommate. Do you trust your roommate to split any claim checks fairly? Do they pay their bills on time? If they miss a payment on your joint renters insurance, you could find yourself uninsured.
Take stock of what you own. Consider taking a video inventory of everyone’s belongings. Record each room, including the contents of all closets and drawers. This will help you and your roommate calculate the value of your stuff and how much coverage you need. In addition, having a home inventory is essential to getting all of the claim money you’re entitled to.
Have an honest discussion with your roommate. Talk about how much coverage you want, how you’ll divide the bill and who will make the payments. Another question to consider if one of you has more possessions than the other: If a fire destroyed your home and everything inside, how would claim money be divided?
Talk to an agent. An insurance agent can assess how much coverage you need and talk you through the pros and cons of sharing insurance with a roommate.
Ask about bundling. Whether you share a policy or not, it’s always smart to ask about discounts. Adding renters insurance to an existing auto policy can help you save money, thanks to bundling discounts. For example, the savings on your car insurance could be enough to minimize or even negate the cost of adding a renters policy.