Most homeowners insurance policies do cover a roommate’s belongings if the homeowner still resides in the residence. It is best to check with your insurance company to see if there are any restrictions or exclusions that would affect this situation.
If you are renting out a room, it may be a good idea for the roommate to purchase a renter’s insurance policy for extra protection. This will guaranteed the coverage of their belongings should a disaster or unforeseen tragedy occur. These types of policies also provide protection in the event the roommate is sued for some reason.
Is there an additional charge associated with having a roommate covered under my homeowners policy?
This varies based on the insurance company. If you have more than one roommate, there may be an additional charge associated that may affect the cost of your current policy.
Do I need a lease for my roommate for their items to be covered?
Again, the insurance company will determine whether or not you need to have proof that the person was a roommate in your home. A lease should always be drawn up for a roommate agreement as standard practice for your own protection.
If the roommate is related to you, it is still a very good idea to have them purchase a renters insurance policy. You want to make sure every situation is covered.
These are just a few suggestions when considering taking on a roommate in your home. Consulting an independent insurance agent or your insurance company will save you time and money in the event something happens. Being proactive is the best way to approach any situation, and putting the safety of you and your tenants is first.