The Importance of Individual Renters Insurance for Young Adults Moving into an Apartment

By: Advocate Brokerage

Moving into your first apartment brings newfound independence and responsibility. Renters’ insurance is often overlooked and sharing it with roommates seems cost-effective, but insurance companies rarely write joint policies. Individual policies are crucial, and each tenant having their own is essential.

Personalized Coverage

Shared policies commonly result in disputes during claims due to joint coverage, leading to compensation under a joint name. In contrast, individual renters’ insurance offers tailored coverage, addressing personal property needs and liability risks such as toilet overflow or smoke damage. This personalized protection extends peace of mind, ensuring exclusive coverage for each tenant. Moreover, claims usually pertain to specific area of an apartment, reducing conflicts over shared spaces affected by damage.

With separate deductibles on individual policies, one tenant’s claim doesn’t financially impact others, preventing disputes. This system of clear accountability guarantees that each tenant’s coverage is solely for their benefit, avoiding confusion and financial strain among roommates.

Renters Insurance Portability

Renters’ insurance can be portable if you move within the same state. Individual policies seamlessly transition with tenants, ensuring uninterrupted protection in a new apartment or living situation. Conversely, shared policies might necessitate negotiations and adjustments with roommates if one decides to move, potentially disrupting continuous coverage. Each roommate needs their own insurance policy as claims extend worldwide, not limited to the apartment, with liability following the individual.

Renters Insurance Tip

It is a good idea to create an inventory of all of the items you own and the approximate value of each item. This will help in two ways; one it will help you determine the amount of coverage you need; and two it will help should you need to file a claim after a loss. If this is unrealistic, take a video with your smart phone from the inside of your home, open the drawers, cabinets, and closets, and film everything so that you have a permanent record.


Additionally, renters’ insurance usually includes Loss of Use coverage, aiding in living expenses if displacement occurs due to a covered loss.


If you are new to Advocate Brokerage, Welcome to the family! We are here to answer any questions and advise you on all your property and casualty needs. By taking this step, you ensure that you have the necessary protection tailored to your unique needs, allowing you to fully enjoy the independence that comes with your own apartment.

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