Having roommates has become increasingly popular over the years. Of course, roommates come with financial benefits. They save us from still having to live with our parents in our mid-20s and lighten the burden when it comes to furnishing, decorating, and stocking up on supplies. Since you are splitting the entire cost of the house or apartment, you may be wondering, do you split the entire renter's insurance policy as well? The answer isn't so simple. It can depend on your situation. Here's how to decide if you should share, or have a separate policy. 

Separate Policies: Some insurance companies will recommend each roommate take their own renter's insurance policy since it is the least complicated option. Each roommate would be responsible for making an inventory of their own personal property. Having a separate policy would also ensure each roommate has liability coverage for protection if someone gets injured in the home or apartment. 

Shared Policies: Other companies will allow roommates to share a policy. Under this arrangement, all roommates' names are listed on the policy. If you choose to do this, you must ensure the policy provides enough protection to cover everyone's property. There is a chance you will have to increase the amount of liability coverage as well. 

Shared Complications: If your living arrangement is short term, such as a 12-month lease, and different roommates are moving out