Having insurance on all your belongings is always a good idea, even when you are a renter. Most South African have it and parents will advice their new adult children to consider it when moving out on their own. Renters Insurance is important simply because you would like to be protected in the case that there is damage or theft. As a renter, your possessions are not insured by the owner of the property.
But there are some very important things to consider, especially if you share a rental home with one or more other people.
Sharing a Renters Insurance Policy
Clearly, there are many more cons than pros, so consider all your options carefully before making a decision just for the sake of saving money. The alternative to sharing a Renters Insurance is to each have their own policy with their own belongings listed to their personal names. This might mean a slightly higher premium since it isn’t divided between all the roomies, but for a hassle-free experience this is definitely the way to go.
KIB is a short term insurance company that offers various solution to your insurance needs. Whether you are looking for a policy for yourself or if you are willing to risk it with a shared policy, we can build the right package for you. Contact KIB today to speak to an insurer about what will best suit your needs.