College students bring valuable items with them to school. They are, in a way, renting a space to live in. For those living off campus, having renters insurance is important. It can provide essential protections to you.
Accidents can occur anywhere. For college students, there is an increased risk of damage related to thefts. And, an ongoing risk is present for liability-related incidents. Renters insurance can help.
Who Should Have Renters Insurance?
This type of insurance applies to most people renting a space in which to live. In college dorms, your parent’s homeowners insurance may offer protection. This does not always extend to off-campus living, however. If you live in a rented space off campus, you need to have your own renters insurance.
What Does Renters Insurance Do for College Students?
It provides two types of overage:
· Property protection – Helps protect your personally-owned assets such as your electronics, furniture, clothing, and other personal items.
· Liability protection – If someone suffers an injury while inside your rented space, it helps minimize your financial obligations.
Policies range in value. If you plan to keep high-valued items at your apartment, consider a special policy to protect those items. Also, note policies cover just your own belongings. They do not cover the structural components of the location itself. That falls under the landlord's property coverage, most likely.
What Types of Damage Incidents Does It Cover?
Policies differ. Most will cover damage to assets from fires, storm events or vandalism. They also provide coverage for theft. The liability component of your policy covers any incident in which you may be negligent. This includes your pet biting a visitor. It may include someone suffering an injury at your location.
Doesn’t the Landlord Protect You?
It is a misconception that the property owner’s insurance will help you. It only protects the owner’s responsibility and possessions. For example, in a fire, the owner’s policy covers the building. It generally does not cover your items destroyed in the fire. This leaves you vulnerable to loss if you don't have renters coverage.
Invest in renters insurance as a college student. When you do, you reduce the risks to yourself when an incident occurs. If you lose your laptop or a small fire breaks out in the kitchen, you have a policy available to help you. Be sure to read through it. Know what it provides coverage for. Learn any limitations the insurance policy has as well. And, be sure to choose a policy with enough courage for what you own.
Also Read: Tips for First Time Renters in Texas