Moving On

chapter 4  | renting a home together |  97
On the other hand, if you have separate policies, the insurance
company will pay each of you only for the property that is yours. If you
own property jointly, you can ask for reimbursement for the value of your
ownership share of that property (you’ll have to show documentation of
your ownership percentage).
Having just one policy is cheaper—and means there’s only one
deductible if you do have a loss—but having two is probably easier in the
long run. Renter’s insurance is inexpensive, so you won’t have to pay that
much for a separate policy.
Either way, whether you get a joint policy or each buy an individual
policy, you absolutely must keep clear records of what belongs to whom.
Tip
If you do have to buy two separate insurance policies, use the same
insurance company. Two giant companies asked to settle a claim may each try
to shift responsibility to the other, rather than simply pay your claim for stolen or
damaged property.
Moving On
What do you do if you decide to go separate ways, and you never made
a written agreement specifying who gets the place? If you aren’t married
or otherwise legally partnered, all you can do is make the best effort to
compromise. Here are a few suggestions that may help you through the
process.
• If you are in a tenant-subtenant situation, the tenant has the
superior claim to the apartment. But the tenant must give the other
person the legally required amount of notice—usually 30 days—to
move out.
• If you are cotenants—you both pay rent directly to the landlord or
both signed a lease or rental agreement—you have equal rights to
stay. This is true even if one of you lived there first. Flip a coin or
have a third person mediate to help you reach a decision, or decide
for you, to settle the dispute. Avoid court action if you can.