Renters’ Insurance Coverage Guidelines for Shared Living Spaces

If you are sharing a rental with a friend or loved one, make plans to insure the possessions you are solely responsible for. Use the guidelines below to protect your belongings during your tenancy.

Your Rental

Before you insure your belongings, you should inspect the rental unit you and the other person will be sharing. During the inspection, take note of any issues that could affect the security of your possessions.

In addition, decide which areas you will use to store your possessions. Designate areas for your stuff and areas for the other person’s belongings.

Your Inventory

Prepare an inventory of all the items you will be moving into your rental unit. The inventory should include the item type, quantity, and value.

Your list will come in handy when you shop around for a renters’ insurance policy. You can refer to the list for a quote for your preferred coverage type.

Updated Records

Plan on updating your personal records on occasion. These records should indicate any changes in the number of possessions you own. For instance, if you sell some furniture in the future, you should plan on removing the furnishings from your renters’ insurance policy.

If you purchase new items of value, they should be added to your policy. Review your records at scheduled times. By conducting a thorough review, you will be able to keep your insurance coverage up to date.

Contact Community Management Insurance Group

Contact a representative of Community Management Insurance Group for further assistance. An agent who serves Greensboro, NC, will set up your renters’ insurance policy.