Students and young professionals often choose shared housing to split rent costs and save money. Legally, all roommates must secure home insurance to comply with regulations. What are the key details of this policy, and how much does it typically cost?
Roommates share the same rights and responsibilities as any tenants. Since the 2014 Alur law took effect, home insurance is mandatory for both furnished and unfurnished rentals. Essential coverages include civil liability, typically bundled with a "recourse from neighbors and third parties" option to compensate for damages spreading to adjacent properties. The policy also features "rental risks" coverage, protecting tenants from costs related to water damage, theft, or natural disasters.
Many insurers provide valuable add-ons like legal protection for disputes or coverage for personal belongings damaged in covered events. However, shared accommodation policies have nuances to watch: a joint and several liability clause holds all roommates accountable if one fails to pay their rent share. A termination clause also empowers landlords to end the lease for unpaid deposits, rent, or lack of insurance.
You can subscribe individually or collectively. With an individual policy, each roommate signs their own contract and selects tailored coverages. To minimize disputes during claims, sticking with the same insurer is recommended.
For a collective contract, one roommate signs as the primary tenant, declaring all others for coverage. This works only with a single lease covering everyone.
Premiums depend on factors like apartment size, number of rooms, location, value of belongings and valuables, number of occupants, insured profiles, and claims history. For example, a 40 m² Paris apartment with two roommates costs around €135 per year or €11 per month.
A 60 m² Lyon apartment with three tenants averages €174 annually or €14 monthly. To secure the cheapest rate, use online comparison tools aggregating insurer offers or run simulations directly on insurer, mutual, or bank websites.
