Everything you need to know about roommates insurance

Presented by DPJL Agency
Roommates can be an unforgettable life experience, a fantastic way to save money, and a great way to share the responsibilities that come with an apartment! We're talking about rent, electricity, groceries and cleaning. Whether you opt for roommates as a permanent or temporary lifestyle, it is undeniably practical. But what about insurance? Keep reading to find out what you need to know.
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The joys of roommates and the importance of insurance

Imagine the scene: you forget to turn off a faucet (it happens even to the best of us!), the water rises and damages the floor of your apartment and the ceiling of the floor below. In a world without insurance, repair costs could be your responsibility and your wallet could take a hit. However, thanks to Liability coverage, which is included in all our home insurance policies for tenants and homeowners, you could avoid these unexpected expenses. Liability coverage protects you if you are held responsible for damage caused unintentionally to a building or another person.

Your tenant insurance becomes your best ally and could protect your belongings in case of fire, following a theft or an act of vandalism. You can sleep peacefully knowing that your belongings are covered and that they can be replaced, even if they are located somewhere other than your home. You will be able to re-equip yourself in the blink of an eye if you have already taken inventory of your belongings.

How to take an inventory of your belongings

Note that all roommates must take their own inventory. For more details, follow our 5 steps to understanding the value of what you own

  • Make a list of your belongings, whether that includes furniture, electronics or clothes, and indicate the price associated with the item. Yes, even the old guitar you haven't touched for years.
  • Update this list every year or whenever you make significant new purchases (phone, clothes, works of art, etc.).
  • Keep the receipts for higher value objects. They can be useful in case of a claim.
  • Take photos of your belongings. This is additional proof of their existence and condition. Make sure to keep them in a safe place.
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Can your parents insure you?

If you are a full-time student and temporarily leave the family home, you may still be considered as a dependent of your parents. Depending on your parents' home insurance, Liability coverage and protection of your belongings could be included in their coverage. Ask them to contact their insurance representative or broker for more details on their insurance policy. And remind them that it may be time to review their coverage!

Insurance and roommates; the perfect match!

To recap, having insurance in a roommate situation is essential to protect yourself from unforeseen circumstances and surprise expenses. Contact your broker or insurance representative to find the tenant insurance policy that will best meet your needs. Don't be afraid to ask questions! Our insurance representatives are ready to help you find a solution that fits your situation.

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If you’re a full-time student who must temporarily move out of the family home to be closer to school, you may be considered a dependant, in which case—depending on your parents’ home insurance policy—your personal property and civil liability coverage may be included.