For first time college students the thought of insuring your belongings may not seem like a big deal. You first apartment may not be anything spectacular, but the feeling of being old enough to be out on your own and rent your first apartment is awesome. Responsibility also comes with this new independence. Talk with your parents about the importance of renters insurance.
Renter’s insurance protects your personal property against loss or damage, and insures you if someone is injured while on your property.
Rental insurance will cover personal belongings if they are destroyed by fire, weather damage, water damage, or stolen. An unexpected fire or burglary can happen to anyone. More and more people are being robbed, especially when times are tough and people become desperate. It is worth the small monthly payment to have that peace of mind.
Many people think the landlord’s homeowners insurance will cover their belongings, if destroyed; this is not true. Homeowners insurance will cover the home, that’s it. No contents inside are covered. Some college students may be covered under their parents insurance policy, but most of the time the students belongings are not covered once you have moved into your own apartment. For a small monthly fee, usually $15 – $30 a month depending on location, you and your parents can have the piece of mind knowing that your personal property is covered.
Depending on your policy, renters insurance will typically cover:
1. Liability
If someone else’s property is damaged or someone is injured while at your residence, this would be covered with your renter’s policy. For instance, if a friend is visiting and slips on your wet floor, you would be responsible for those medical expenses and possibly a lawsuit. Renters insurance is meant to cover accidents such as this.
2. Personal property
Your personal property includes your Ipod, TV, DVD’s, jewelry, furniture, computer, cell phone, clothing and more. Sit down and make a list of what you have and the amount it would cost to replace. You will probably be surprised. If a fire started while you were in school or someone broke into your apartment, think about everything that could be gone. You would need to replace those items. You may not realize how much your possession’s cost, until you have to replace them. With renters insurance, you can relax knowing that your personal belongings are covered.
3. Additional living expenses
Living expenses are covered if you are unable to live in your apartment due to fire or other covered loss. This coverage will pay for those living expenses such as lodging, laundry and student meals.
For the small monthly fee, you and your parents can rest knowing that your personal belongings are covered by your renters insurance. Don’t wait until something happens; because then it is too late.