Can I Get Renters Insurance If I Live With My Parents?

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3 responses to “Can I Get Renters Insurance If I Live With My Parents?”

1. 

   October 25, 2016

   Scott W Johnson

   Spectacular Question…

   You may be able to get Renters Insurance if you live with your parents, it would depend first off on the individual carrier, many carriers are going to be different on this one. I would make sure that the agent knew that you were residing with the parents. You would have a better case to make is you are an adult, say over 18. Also if you lived in some sort of separate part of the house. Lastly if you were paying your parents rent, than you would probably have the strongest case to get Renters Insurance. However even if you were not paying rent and living a regular room a case could be made for it.

   Getting your own renters policy, would theoretically allow you to have your own separate liability policy, which is a good thing AND get coverage for your personal property.

   Just make sure you disclose the entire situation to your broker.

   Best of Luck.
2. 

   April 3, 2014

   Frank Lombard CPCU ARM

   Normal
   0

   I’m not sure why you would consider separate coverage if you are living with your parents and covered by their policy unless you are living in separate quarters. Notwithstanding that circumstance, your parents’ policy should include you as an insured as a relative residing with them. Their coverage may be better than coverage you could purchase separately and no additional premium is incurred. Of course, since you are not a named insured, you would not receive correspondence, be able to make changes or be named on any claim checks.

   If you purchased your own coverage, it’s possible you could unknowingly create potential claim problems. You would have your own coverage and you would still be an insured under their policy. If a claim occurred, your insurer would ask you the question, “Are you covered under any other insurance policy?” If your answer is no, that may be an incorrect statement, considered a misrepresentation and potentially void your claim. If you said yes, the Other Insurance clauses in each policy would come into play. That’s a mess I suggest be avoided.  

   I’m not sure what the issues are here, but from an insurance person’s point of view, it would be a situation I might prefer to avoid. There are too many potential problems and for a relatively small premium and commission, I would choose to avoid the potential downsides.
3. 

   April 3, 2014

   Dan Beukelman

   You can, but you probably don’t need to.  Your parent’s home insurance will cover your personal property since you are a resident relative.  One concern would be that they would need to be willing to file a claim on their policy if something happens to your personal property.  I have seen college age (over 18) children who live at home buy their own policy so that they are protected for their stuff and they don’t have to worry about what type of coverage their parents have.