When you invite a housemate or flatmate into your home in Burlington, North Carolina, you may worry about the impact on your home insurance policy. Depending on the number of roommates that come into your house and the risks that are associated with your situation, the impact on your insurance may vary.
Number of Roommates
Although a single roommate in your home might not greatly impact your insurance policy, some insurers have a limitation on the number of individuals you can bring into the house who are not family members.
If you invite a neighbor to stay in your house, then your risk of theft or liability in a negative situation increases. If you allow several people to live in your home, then your insurer may refuse to provide coverage or may require a greater amount of liability protection due to the higher risk.
Every insurance company has a different policy for roommates in a home. In some cases, you may be required to purchase additional protection or you may lose some of your current coverage. Other insurers may refuse to provide insurance due to the increased risks associated with your home.
Regardless of the insurer, it is unlikely that your flatmates are covered under your policy. There may be some exceptions, such as a roommate who is also a family member, but many insurers will not protect the personal assets of a neighbor or other individual who is allowed to stay in your home.
Inviting a housemate to live in your home can have an impact on your insurance policy, but the exact impact may vary. If you are not sure about the impact on your current policy, then contact us to speak to an independent agent for more details.