Protect your belongings with renters insurance
If you are currently attending college, it can be a good idea to look into purchasing renters insurance, which protects a person’s belongings in the unfortunate event of theft, fire, vandalism or water damage.
So, for instance, if your laptop is stolen, you’re covered. If a pipe bursts and damages your furniture, you’re covered. If a window breaks during a rowdy party, you’re covered.
It sounds pretty good, right? The thing is, it seems that most college students don’t think to purchase renters insurance, one reason being they think that they’re already covered on their parents’ insurance.
“The college students always assume that their parents have this coverage,” says Mercury Insurance Regional Marketing Director David Suarez. “But that coverage changes the minute they move away, even while they are at school. If they are living off campus, they no longer have that coverage. This is something that college students have never had to think about before.”
So the age-old question: Is it worth it to purchase renters insurance? Experts say yes — especially for the inexpensive cost. In fact, renters insurance goes for about only $15-$30 a month, according to the National Association of Insurance Commissioners.
“All college students living off campus should have renters insurance,” says Brainy Chick Finance blog founder Kelly Fisher. “Say a party gets out of hand and damage is done, you do not want to be paying for that out of pocket. If there is a leak or pipe issue and your items are ruined, renters insurance would cover your belongings.”
One of the biggest reasons experts preach for renters insurance is that damage is unpredictable. For example, unless you know your roommate extremely well, which most college students don’t when they first attend school, this person can be unpredictable.
“Roommates can be a huge unexpected security risk,” says SafeWise.com’s Community Outreach Director Clair Jones. “Many college students have no control over the person they share a room or apartment with. It’s definitely a good investment to take out a renters insurance policy that covers their laptop and any other items necessary for their schooling so that they aren’t stuck taking out an unnecessary loan to replace them.”
In addition, Suarez notes, it’s even more important to look into renters insurance if you or your child are living in an off-campus residence, which is more unlikely to offer any protection than on-campus residency.
Many college students will wave off renters insurance with the logic that their belongings aren’t expensive enough to justify protecting. However, Suarez says, this type of thinking is wrong.
“It’s really a matter of their ability to replace items,” he says. “The coverage pays to replace items. Start with clothing and add in electronics of different types. You can easily get up to a few thousand dollars in replacement costs. College students can buy renters insurance at very affordable rates to make sure that they can replace these items if they need to.”
Another factor in renters insurance is liability coverage, which college students can pay to include. Liability coverage protects students if someone is hurt while in their residence or if the student accidentally injures another person. This kind of insurance coverage varies among different policies, so be sure to read the details on whichever plan you choose.
If you or your child needs renters insurance, contact us or stop by today to see how we can help.Used with Permission. Published by IMN Bank Adviser Includes copyrighted material of IMakeNews, Inc. and its suppliers.