Roommates and Home or Renters Insurance If your name isn't on your roommate's policy, your stuff isn't covered.

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If your roommate, boyfriend, or girlfriend has a renters insurance policy that you are not listed on, even if you live with him or her, your belongings are not covered by it. Renters insurance only covers things that belong to the policyholder, so you'll need to get your own policy if you want your possessions to be protected.

It is often possible to add people to an existing policy, but this is only advisable if you are in a fairly stable living situation. Also, whenever you add a person to your renters insurance policy, keep in mind that you will probably have to increase your coverage levels to make sure that their valuables are adequately protected. Invariably, this will cause your premium levels to go up. Renters insurance, though, is generally inexpensive, and it's worth paying a little more to make sure everything is covered.

You have to decide which approach makes the most sense for your own personal situation, and a qualified insurance agent can talk you through this decision. Some groups of roommates go so far as establishing joint checking accounts to pay for things like utilities and basic home supplies; others prefer to keep bills and expenses separate. In the end, you're balancing trust with simplicity. If you move around frequently, it's probably better to go it alone on renters insurance. Conversely, a stable couple living together may find it preferable to hold a shared policy. Either way, renters insurance is an essential expenditure.