Can You Get Renters' Insurance if You Rent Just a Room?

Can You Get Renters' Insurance if You Rent Just a Room?
••• IT Stock/Polka Dot/Getty Images

When it comes to looking out for your personal belongings, there are few drawbacks to having a renter's insurance policy. This type of insurance covers the loss of your belongings, even when you rent a room. You can get such a policy to replace items lost in property damage or to a break-in, and some policies may even cover items lost or damaged accidentally.

Sign a Lease

Even when you rent a room from a friend, it's a good idea to formalize your living arrangements. Encourage your friend to draw up a simple lease that shows how much you pay, when the lease term begins and ends and the rules regarding property security measures, which can include things like noting the keys you have been given, property entry procedures -- if renting in a gated community -- and alarm code usage. Such documentation can be valuable when making a claim.

Take Inventory and Get Quotes

Compile a list of your valuables. Most people have at least $30,000 worth of belongings, even if they don't realize it, according to U.S. News and World Report. Write down everything you have, including your gaming console, sunglasses, watches, favorite college-logo wear and even dishes and cups; these things all have replacement value. Comparison shop for renter's insurance policy online. If you're a minor, your parents or guardians typically would take out the policy for you.