There's a couple of things you should consider with renters insurance
. First, it not only covers your personal property but also your liability
. Meaning, if you're found at-fault for a covered damage (like a pipe breaks in your apartment and floods into your neighbors apartment and causes damages), your renters insurance covers you up to your specified loss amount. So, its important not to cancel your renters insurance until you have a replacement policy. In terms of sharing or separating your policies, you should consider the following pros and cons
- You share your limits: By this, we mean that any personal property coverage limits or liability limits are split down the middle. So, if your apartment were to flood and you only have $10,000 of coverage, you and your boyfriend would only get $5,000 for your personal belongings. You can always raise your limits, but that will increase your premium.
- Shared claims history: any claims your boyfriend would make would also affect your rental insurance history.
- Split billing
- Easier policy navigation