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Easton, PA 98765

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How does renters insurance work among roommates?

People looking for renters insurance sometimes ask whether they can share a policy with a roommate. Many insurance providers make it easy to share renters insurance policies among roommates. However, just because you can do something does not mean you should. To obtain renters insurance and determine whether a shared policy is best for you, consider working with the Northeast Insurance Advisors LLC team serving Easton, PA.

Considerations for Sharing Renters Insurance Among Roommates

Sharing a renters policy among roommates is an opportunity to save money, but a renters insurance policy in Pennsylvania averages only $124 per year. Although sharing a policy may save money in the short term, it can lead to complications and cost more money in the long run.

For example, suppose your roommate suffers a loss and makes a claim. Since you share the policy, the claim will be part of your seven-year insurance record and may increase your premiums after you no longer live together. Also, how well you know your roommate may influence your thinking about sharing a legal obligation with them.

Another issue is that roommates can have possessions of different value, leading to disagreements about who pays what portion of the premium. In addition, if a roommate relocates for career opportunities or other reasons, the full premium has to be paid while the policy remains in force. 

These issues may or may not apply to you, but they are worth considering when considering shared renters insurance.

Working with Northeast Insurance Advisors LLC

Northeast Insurance Advisors LLC, serving Easton, PA, provides renters insurance for many clients, and we can help you find a policy that meets your needs. So, call us today for a policy that protects you and your possessions.

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