What Students Should Know about Renters Insurance
You’ve found the perfect spot!. Luxury student apartments to share with other like-minded, serious students – and with a list of amenities that most non-student apartments don’t offer! You’re ready to handle your part in taking responsibilities seriously and living as an adult, in a safe and comfortable environment.
Learning about renter’s insurance and comparing plans and options before you sign your student living rental lease is the next step. There are many benefits to having renter’s insurance:
- freedom from responsibility if your apartment is damaged
- replacement of stolen or damaged belongings
- may cover personal damage due to acts of nature
- may cover damage that landlords don’t cover like a flooded bathroom
Best of all, renter’s insurance for college students is cheap (plans are available at $10 per month) and can be easily obtained without any pre-requirement. If you are living in off-campus housing and if you are sharing an apartment with other students, then you need renters insurance to protect yourself from loss.
What is Renters Insurance?
As a college student, you own valuables that would put a financial burden on you if they were stolen or damaged. And some of your items are absolutely critical to your studies and daily living, while others may be quite expensive or gifts given to you by family and friends. Renters insurance will cover your personal possessions, including:
- smartphones, computers, televisions, stereo and speaker systems
- clothing, jewelry, and accessories over a certain value
- sentimental heirlooms and valued, collectible items
- furnishings and personal appliances
Insurance policies will have different coverage limits, especially when it comes to personal property as listed above. This is why you need to shop for the renter’s insurance that will cover those valuable things that you own – and not find out after a theft occurs – that you are not covered.
For peace of mind – or even as a requirement under your lease agreement – you should seriously consider getting renters insurance.
Why You Need Renters Insurance
The property owner’s insurance policies are in place to protect the owner and not the tenant. The landlord takes out insurance to cover property damage from acts of nature like a hail storm or a fire caused by lightening. If your property is damaged or lost either of these situations, you and your possessions are not covered and you must assume the loss and the cost to replace your personal property.
Renters insurance protects you, the tenant. When you rent a student apartment, you need to obtain renter’s insurance to protect you, your assets, and any liability claims made against you while inside your apartment.
Make Sure Liability Coverage is Included
So what happens if you thow a party in your off-campus apartment and one of the following mishaps occurs:
- an apartment door or window is broken
- a party guest slips and is injured
- your laptop is damaged while playing online games
Each of these possible circumstances which do not fall under property damage due to fire or property loss due to theft will be covered by the student’s renters insurance policy’s liablility terms which protect the student if a visitor is injured in the apartment and the student is found legally responsible.