While inviting someone to board into your home or splitting the rent of an apartment with a roommate may be financially beneficial, it is important to consider the insurance implications before making any final decisions. Consider these helpful tips to avoid having coverage dropped by your homeowners’ insurance:
- When inviting a stranger to board in your home, you must realize that you take on additional legal liability for any activity that occurs on your property.
- You must inform your insurance provider of a new roommate to avoid being dropped from the policy.
- You must realize that you will have limited coverage for stolen items when having a stranger renting a room from you. There are a variety of coverage limitations since you become more vulnerable to theft and stolen items when you have a stranger living in your home.
- Before inviting someone to move in or opting to split the rent of an apartment, contact your insurance provider to see how these changes will affect your insurance policy.
Gant insurance understands the importance of feeling secure in your home. Contact us today for all of your McKinney, Texas homeowners’ insurance needs. We are always available to answer any and all of your questions regarding how a roommate would affect your insurance.