The Tenant’s Survival Guide to Renters Insurance (With Roomies…)

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The Tenant’s Survival Guide to Renters Insurance (With Roomies…)

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


  1. Your premium costs are divided and can mean paying less every month.
  2. There are no additional charges to add a roommate to a policy.
  3. Your premium will remain unchanged when you add a roommate, but look at increasing your coverage since more valuables will be added to the house.


  1. Some insurers only allow two unrelated people per policy, additional roomies will need separate policies.
  2. If a roommate damages or steals anything from within the house, you will not be covered, even if those items are on the policy. (This applies if you have your own policy too)
  3. If only one roommate needs to claim, all members of the policy will have to co-sign to get the one who is claiming’s money.
  4. If one roommate suddenly moves out, the other roommate will have to be able to pick up the full premium without notice.
  5. If one roommate files a claim, the claim will go on all the policy holders’ insurance records.
  6. A 50/50 split might mean that one of you pays more than necessary if the value of your possessions are less than your roommate’s.
  7. If a roommate moves out and the details on the policy does not get corrected immediately, you may get stuck in a situation where you may have to ask an ex-roommate to co-sign for a claim that occurred after the fact. A tad awkward, especially if the ex-roommate left on bad blood.

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.



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