When you have a home, you most likely have a homeowners insurance policy. Your coverage should protect the actual structure, but it’s also designed to handle the property that’s inside of the home. There is a coverage limit on this property, which is usually a percentage of the overall insurance policy. In New York, many people have roommates because of the cost of living. Often, these people move in together and get insurance together so that everything is covered. It’s different when someone moves into your home, because your policy is focused only on your own belongings.
The big question that you need to ask is whether the roommate is just living with you as a friend, or whether she is a renter. If she’s paying you rent, she’s a renter in your home and will need renter’s insurance to cover her belongings. Your Selden, New York home is not designed to be a rental property if you’re still living in it, but that doesn’t stop you from taking on a roommate or renting out a room to someone. As an independent agent, we can help you with any concerns you have about property coverage.
If possible, bring your roommate along. We can help her understand why she’s not covered under your home insurance, and why she’ll need her own renter’s policy if she doesn’t want to risk financial loss. Her belongings may not be expensive, but most people are very surprised by just how much it costs them to replace something they’ve lost. It can also be frustrating and time consuming. All the financial worries can be avoided with the right kind of insurance coverage. That’s why a knowledgeable independent agent like us is so important, so you and your roommate have one less thing to worry about.