Overview:
Conviviality, comfort, often lower rent… Shared accommodation has many advantages. It is a particularly popular choice among students and young workers wishing to share the rent between roommates. If shared accommodation is a way of sharing housing costs, be sure to opt for the right guarantees. Which home insurance contract to choose for a shared accommodation? Shared lease or an individual lease? Has what name? And against what risks?
SUMMARY
- Collective or individual lease: choose the right home insurance contract in the event of joint tenancy
- Should we take out home insurance for each roommate (student, young worker)?
- What guarantees should be chosen for the home insurance contract for a shared rental (furnished or bare)?
- Departure or arrival of a roommate in the accommodation: what consequences for the home insurance contract of the roommate?
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| Shared Home Insurance |
Collective or individual lease: choose the right home insurance contract in the event of joint tenancy
Two situations are possible, depending on the lease:
If each roommate has signed a rental contract, then each must take out individual insurance. The roommates, therefore, take out the home insurance contract of their choice separately and choose the guarantees they want. Moreover, it is not compulsory for the joint tenants to all turn to the same insurer.
If all the roommates sign a single lease contract, then a single home insurance contract covers all the occupants. This scenario is the most common, because it offers more simplicity while guaranteeing the landlord that all roommates are insured. The names of all joint tenants must appear on the insurance contract so that they benefit from the guarantees provided.
Should we take out home insurance for each roommate (student, young worker)?
Legally, at least one of the roommates must take out rental risk insurance, which covers damage to the rented accommodation in the event of fire, explosion, or water damage. However, this solution is far from satisfactory: indeed, if only one of the roommates is insured, this will not prevent the other tenants from being responsible in the event of a claim. They will therefore have to contribute to the compensation, up to their share, and without insurance, the bill can be very heavy, for example in the event of a fire.
Wanting to save money by insuring only one roommate is, therefore, a very bad calculation. It is recommended that each roommate take out their own home insurance contract to be covered for their own rental risks or to turn to a contract that covers all roommates.
What guarantees should be chosen for the home insurance contract for a shared rental (furnished or bare)?
The guarantees provided by home insurance covering only rental risks are insufficient, even if all the roommates are covered by the contract. It is indeed important to protect yourself beyond the rental risks, in particular with a home insurance contract covering the private civil liability of the roommates. Because if you injure a third party or damage one of their property, your private civil liability will be engaged (for example if you knock down a pedestrian in the street while you are riding a bicycle). However, in the event of a serious accident, the amount of compensation can be very high.
In addition, with rental risk insurance alone, the property of joint tenants is not covered in the event of a claim or theft. It is therefore advisable to turn to multi-risk home insurance which includes a “property damage” guarantee.
Departure or arrival of a roommate in the accommodation: what consequences for the home insurance contract of the roommate?
If a single home insurance contract covers all the joint tenants, it is essential to keep the list of insured persons up to date, because only the joint tenants designated in the contract benefit from the guarantees. For example, if a joint tenant leaves the accommodation and gives up his place to another, the insurer must be informed. Indeed, in the event of a claim, the insurer will check in the contract whether the name of the roommate involved appears there. If this is not the case, it will not be covered: so remember to update the contract if one of the roommates changes.
Conclusion:
Colocation: a single Youth Home Insurance policy is sufficient to cover the entire colocation. The contract, drawn up in the name of a tenant, provides for a declaration by the name of each joint tenant. They do not differentiate between roommates. Each of them benefits from the same guarantees, specific to the formula chosen: rental risks, civil liability for private life, and property insurance. Each time a tenant leaves or arrives, it is essential to declare this to us.
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