Back to School? Protect Your Belongings With Renter's Insurance
September 8, 2011
Heading back to school can be a hectic time; packing up all of your belongings to move-in (just to have to unpack everything hours later upon arriving), picking up schedules and room keys, purchasing textbooks, and many other details, can amount to a lot of stress. Forgot your shampoo at home? Have to call the utility company? In the midst of all this commotion, it is easy to forget something important, but there is one thing you should put at the top of your back-to-school list; renter's insurance.
Living in a Dorm vs. in an Apartment
Renter's insurance is an essential for college students, although most students do not even know it exists. Whether you are going to be living in a dorm or in an apartment building, you need to make sure your personal property is protected. If you are going to be living on-campus in a dorm, your parents' homeowner's insurance may cover your personal property. Check with your insurance company to see if this is the case, and if so, find out the limits of the coverage to make sure they are sufficient, and ensure that the deductible is not too high. In some cases, a separate renter's insurance policy may still be your best option.
Renter's insurance is an essential for college students, although most students do not even know it exists.
If you are going to be living in an apartment, renter's insurance is a necessity. Many renters mistakenly believe their landlord's insurance policy will cover the structure of the building and all of its contents. Landlord's insurance policies do cover the structure of the building, but they do not cover your personal property. In the event of a loss, such as a fire or theft, you will have no protection for your possessions unless you have your own renter's insurance policy. It is also a mistake to think that you are protected if your roommate has renter's insurance, as this is usually not true.
Your Property is worth Insuring
Unfortunately, college campuses, and the apartments surrounding them, are common targets of theft and burglary. Fires can also spread rapidly in these areas. Renter's insurance can protect your belongings in these, and many other, unexpected perils. Most students do not realize how much all of the items they bring to school are worth. Televisions, gaming consoles, cell phones, clothing, textbooks, laptops, and other belongings can easily add up to thousands of dollars. When you compare the cost of replacing all of these items to the cost of renter's insurance, you will realize how inexpensive renter's insurance truly is, with policies starting under $20 a month.
Additional Coverage You Receive
In addition to covering your belongings, renter's insurance also provides you with liability insurance, which means if someone is injured on your property as a result of your negligence, you will be protected. This coverage even protects you if you unintentionally injure someone off of your property, and covers medical expenses for the injured party, up to policy limits. Renter's insurance also provides loss-of-use coverage, which will cover living expenses if your home is considered uninhabitable for a period of time.
Renter's insurance will provide you with a lot of coverage for an inexpensive premium, making it a must-have for college students.
