Good news for those New Yorkers living with roommates: There's a pretty good chance you can share an insurance policy.
What insurance policy, you ask? For around 50 cents a day, a basic renter’s insurance policy can be a financial lifesaver in case of fire or theft, as well as at least a dozen other situations that may befall you and/or your roommate…ranging from power surges that zap your appliances, to accidental overflows, entertainment mishaps and even lost luggage.
Now, keep in mind that unlike immediate family members who live together, a roommate isn’t automatically covered unless they’re actually listed on the policy, cautions apartment insurance broker Jeff Schneider of Gotham Brokerage.
Here’s the lowdown on renters' insurance for roommates:
1. A roommate does not have to be on the lease to be added to the policy.
2. A maximum of two unrelated people can be on a single policy, so additional roommates will need to buy a separate policy.
3. There’s no extra charge to add a roommate, and it won’t change your premium either. You may want to increase your coverage if you have a lot of valuables, but you’ll still probably pay less than you would alone since you get to split the cost.
4. Theft by a roommate—or intentional damage—is not covered by insurance, whether they’re on the policy or not.
5. If you ever file a claim, the check will be made out to both roommates—meaning even if the money covers damage to your belongings only, not your roommate’s, your roommate will still need to co-sign it. Moral of the story: Make sure you’re on good terms with the person capable of holding your claim check hostage.
Gotham Brokerage Co., Inc., an insurance brokerage, has been serving NYC renters, co-op and condo owners for over 45 years. For a free quote, click on over to Gotham Brokerage or give them a call at 212-406-7300.
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