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» Insurance » Can my parents buy my renter insurance policy through their
memberPosted by Sakura 10 views.

Can my parents buy my renter insurance policy through their auto insurance?


They are paying for my auto insurance policy current since I am a full time student, I have to get renter insurance for my new apartment, Should/Can my parents buy my renter insurance through their policy? They have their own property already. I just heard if you bundle your policies you can get a discount. What are some suggestion I can make to help my parents and my self out? Let me know thanks!
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1 Comments :

member1 by GKG8KGYXaa 4 years ago.
Certainly, they can pay for it, but the "named insured" must be yourself.

Anytime you buy insurance, you must have an "insurable interest" in the property. Renters insurance covers your "contents," meaning all of your personal belongings, your clothes, your furniture, etc. This is stuff YOU OWN. So you must insure it.

Renters insurance also covers your LIABILITY, meaning the liability of the "named insured." Your parents already have liability coverage. You are the one who needs liability coverage, not them. So the policy must be in YOUR NAME.

The cost of renters insurance is only about $100 or $150 per year. It is cheap.
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Tags : Can*(11847), Parent*(1360), Buy*(5041), Renter*(434), Rent*(687), Insurance*(40306), Policy*(6510), Auto*(2847)

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