When purchasing a standard tenant policy, APOLLO offers the ability to add a roommate to your policy. Additionally, sharing a policy can often be a cost-effective option, but it’s essential to compare quotes for both shared and individual policies to determine what best fits your financial and coverage needs.
Adding a roommate is straightforward: log into your Apollocover online account, navigate to the policy management section, and follow the prompts to include your roommate’s details. For accurate documentation, ensure that their name appears on the insurance certificate before finalizing the policy.
For students, tenant insurance policies cannot be shared between roommates. Each student will need to purchase a separate policy for their coverage.
If you'd like to help your roommate get started with their own policy, consider sharing your referral link for a potential discount on their plan. This can provide cost-saving benefits for both parties.
However, it may be a good idea for each roommate to purchase their own policy to ensure they receive the appropriate coverage so that they can find a personalized solution that works for them. For example, you may have a roommate who will require higher limits to ensure an expensive e-bike. In shared policies, property limits are typically individualized, whereas liability coverage is shared. This means that while each roommate can ensure their belongings are covered, the overall liability coverage remains the same for all roommates on a single policy.
Furthermore, timing plays a vital role: roommates can be added before or during the policy renewal process, ensuring their inclusion aligns with the renewal premium and policy terms.
When sharing a policy, one individual is responsible for paying the premium, and it’s essential to have an agreement in place for splitting costs among roommates to avoid disputes.
Additionally, you can use the Apollocover self-service option to manage these updates conveniently. Log in online and navigate to your settings to make necessary adjustments.
Similar to getting your own credit card to build a credit history, you'll also want to consider the importance of building up your own insurance history. This can help you get discounts on future insurance purchases, such as when you move to a new apartment or insure a new condo. However, when sharing a policy, any claims made will affect the policyholder’s claims history, possibly making future premiums more expensive for them.
Including your roommate’s name on the policy and insurance certificate is essential to ensure their coverage. It's recommended to add them to the policy before completing the purchase to avoid any omissions in documentation.
Policy selection should primarily focus on the total value of the personal property being insured rather than the size or number of rooms in the rental unit.
With regards to your family, your tenant policy automatically covers common-law partners, spouses, and family members under your policy, provided they live in the insured residence. For non-common-law partners, such as a boyfriend or girlfriend, they need to be explicitly listed as a roommate on the policy for coverage eligibility.
Recommendations
Compare Quotes: Analyze options for both shared and individual policies, tailoring coverage limits and features to your needs.
Understand Responsibilities: Ensure all parties are aware of payment terms and how shared claims can impact future insurance.
Customize Wisely: When opting for a shared policy, confirm that the choices made by the policyholder accommodate everyone’s belongings adequately.4. Use Self-Service Portals: Leverage online tools to add roommates or make adjustments, simplifying and speeding up the process.
Looking for more information? Read our article Are Roommates Covered by My Tenant Insurance Policy? for more information. Additionally, to confirm if your roommate is included in your policy, you can review your certificate of insurance, which lists covered parties explicitly.