Back To School—Renter’s Insurance
It’s that time of year when college students head back to campus for another semester of long study sessions, fun weekends with friends, and sometimes taking the phrase “carpe diem” to another level at college parties. Regardless if they’re living in a dormitory on campus, or in an apartment off-campus, it’s important for college students to consider getting renters insurance.
College students have many valuable possessions, from laptops to gaming consoles, and furniture to sports equipment. They may overlook the importance of these items, but when things get a little bit too fun at parties or if there’s an accident, having coverage on these items can help them out.
What Does Renter’s Insurance Cover
- What it Typically Covers
- Personal property (electronics, furniture, clothing)
- Liability (repairs if you accidentally damage someone else’s property)
- Additional Living Expenses (pays for temporary housing and meals if your rental is inhabitable while being repaired)
What it Typically Does Not Cover
- Personal property over coverage limit
- Liability protection over coverage limit
Certain possessions like expensive jewelry or musical interests may exceed the coverage limit – policies vary from company-to-company, so it’s important for students to do their research. Liability coverage included within Renter’s Insurance can help young adults avoid paying out-of-pocket if they are found responsible for someone else’s injuries or damage done to someone else’s property, like a landlord.
Is Renter’s Insurance Expensive?
If a student lives off-campus with roommates in a house or apartment, there are sometimes options for them to purchase insurance together. While this can save them money, there can also be downsides. For example, if your roommate isn’t often careful with possessions and files multiple claims, all of those claims show up in your history. There is also the concern if your roommate doesn’t pay their share of the premium.
If someone isn’t sure where to get started, it’s always good to talk to their current insurance provider, ask their university for advice, ask their parents, or seek out an insurer on their own. American Advantage is happy to answer any and all questions about Renter’s Insurance!