Q: I live with two roommates. Do we need separate home insurance policies?

A: Check with your insurance provider.  Usually the companies limit two unrelated persons to be covered under one policy.  However, individual policies protect you only and you alone are in control of submitting claims.  A policy in two names would have a negative effect on both parties with respect to claims experience even if the property claimed for belonged to only one of the named parties.  Remember, if only one of you purchases the policy in his or her own name, the other two will not be covered.