Roommates are excluded from all renters' insurance policy coverages, including personal property, liability, and loss of use in the event the rental becomes uninhabitable. When you add someone to your renters insurance policy, they are called an additional insured or secondary insured. Many insurance companies offer renters insurance to roommates, but there is no guarantee that sharing a policy will save you money in the long run. You cannot share your renters insurance policy with someone who is not your co-tenant, even if they live in your residence full time.
It is increasingly common for landlords to require tenants to take out renters' insurance, as it limits the financial liability of both the landlord and the tenant in the event of an accident. A party to a renters' insurance policy is someone who is notified by your renters' insurance provider that you have coverage, and will be notified if you cancel or make a change to your policy. In most cases, an interested party will be your landlord to confirm that you have renters insurance, a common requirement for renting a flat or house. Shop around for renters insurance quotes from several companies to make sure you get the best possible rate.
A stakeholder is an observer who will be notified by your insurance company if you change or cancel your renters insurance policy. No, renters' insurance does not cover your flatmates unless it is by default, although you can contact your insurer and specifically add them to your policy. It is usual to add your spouse or flatmate as an additional insured so that you are all covered by the same policy. An older sibling should purchase his or her own renters insurance policy, separate from that of the sibling he or she is staying with.
Adding people to your renters insurance policy can be complicated because the process varies by state. Renters' insurance is not required by law, but some landlords require tenants to have a policy before signing a lease. While you and your roommate may be able to meet the landlord's requirement by sharing the same renters' insurance, it may be better to take out your own policy. However, roommates who rent a house or flat off campus should each have their own renters' insurance policy.