Does each tenant need renters insurance?

Hi there,

Since I have moved to Bangalore for a job I am sharing my flat with my flatmate. Although my flatmate is a chilled one when it comes to money I am a little uncomfortable talking to him. So, here the question arises: does each tenant need renters insurance? Well, I will share my point of view about this one.

I would like to begin by answering the question 'Is renters insurance necessary?'

Well, when you rent a property you need to ensure that all the belongings in the property are in good condition. Generally, the terms and clauses are clearly mentioned in the rental agreement. In which it is stated whatever is damaged, must be fixed and the charges must be borne by the tenant. We all know how our landlords deliberately take away all the security deposits for painting the house before we leave!

Let me tell you why you need renters insurance. To be secure and stress-free I feel you should take the renter's assurance.  We all know how landlords start showing their true colours while charging money to fix their belongings inside the premises. Even if you damage anything by mistake inside the premises at least that would be covered by insurance. This is one perk you can't overlook!

Now, coming back to the real question: 'does each tenant need renters insurance?' 

There are pros and cons in every aspect!

If you and your flatmate share renters insurance the money would be divided equally and you can save a significant amount in this way. Some companies also offer renter insurance for two people at once. So, if there are two people renting an apartment one rental insurance will suffice. But in case, your flatmate damages something he/she claims, the payout will be made in both your names.

The actual problem arises when there are more than two people trying to claim rental insurance. Without agreeing with all your flatmates you cannot opt for rental insurance. You need to communicate with your flatmates or roommates properly to get rental insurance. Last but not least you should always opt for renters insurance if you trust your flatmates or roommates. I hope you understand now

does each tenant needs renters insurance.

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