College students have a lot on their minds this time of year besides meeting back up with friends. They’re purchasing textbooks, finalizing class schedules, applying for jobs, and moving back into apartments. With classes underway, has your college student considered purchasing renters insurance?
This young group of renters own a significant amount of electronics (including laptops, cell phones, ipods, televisions, and more), in addition to clothes, appliances, and furniture. If they rent an apartment off-campus, it is likely that their property is not covered under their parents’ policy, even if the student is still a dependent. What’s more, if a fire or storm ravages the apartment, a landlord’s policy would only cover the building, not the renter’s possessions.
What is renters insurance and how much does it cost?
Renters insurance often covers both personal property, in case possessions are damaged or stolen, and liability, in case a visitor is injured or their property is damaged at the apartment.
Renters insurance is not expensive. Renters may be able to reduce the cost of renters insurance by purchasing a policy among roommates. Some companies offer discounts if the renter’s vehicle is also insured through them.
How much coverage do you need?
When purchasing renters insurance, it’s important to take inventory of what’s in the apartment to determine how much coverage to purchase. When the dollar value of those items is calculated, it may be surprising how much is in the apartment. Should a claim need to be filed, a comprehensive list of items (including purchase prices and serial numbers) will be required by the insurance carrier. It is recommended to photograph or videotape each room of the apartment. Remember to store the inventory in a secure, off-site location.
To learn more about renters insurance, contact Pardridge Insurance at 815-758-4447 – your local Grinnell Mutual agent. With peace of mind from a renters insurance policy, your college student can get back to more important things, like studying for their next exam or finding a date for Friday night.