For many students living off-campus in their first apartment is a rite of passage. For the first time in their lives, they are adult-free, with no supervision.
As a parent, wouldn’t you like to help educate your child on the importance of protecting their belongings? Texan Insurance has the scoop on renters insurance, and why your college student needs it.
What is Renters Insurance?
There are two basic types of coverage available: personal property and liability.
Personal property, the more common of the two, will protect your college student’s personal belongings (textbooks, computer, clothing, furniture, etc.) in the event of theft, damage, or loss.
Liability coverage will protect you and your child from litigation should an individual suffer bodily injury or property damage while on the premises.
When shopping for insurance, you must determine whether you are interested in “actual cash value” or “replacement cost” coverage.
- The actual cash value coverage will pay you the depreciated amount for the covered belongings.
- Replacement cost coverage, while more expensive, will cover the full cost of replacing your lost/stolen goods, provided you submit a receipt of the purchase of the said item.
Policies can also protect possessions outside of the home: Many policies do not limit protection to home-based situations. For example, items you have insured often are covered if they are stolen by someone who breaks into your car or if they are damaged while not on your property.
Why does my student need Renters Insurance?
You may think that if your student is living in a rented apartment, house, or condo, that their landlord’s insurance policy will cover their possessions in the event of a loss. This is incorrect. The landlord’s insurance is NOT extended to your student, only to the property of the building itself.
Important things to Remember
- The average renter's policy costs between $15 - $30 a month. Replacing all of your possessions or being liable for an accident in your home will cost you a lot more.
- Consider the coverage you need. Location, the cost of your items, and security are all important things to consider when picking your policy. Personalize your coverage so that it works for you.
- Don't be afraid to ask for discounts. Good grades, safety features, and bundling can all reduce your premium. Be sure to ask about any discounts that you may be eligible for.
- Speed up the claims process by creating a home inventory. Create a list of all your items along with photos and proof of ownership. This will make it easier to file an insurance claim in case your home is damaged or destroyed from an event.
Call Texan Insurance today to get a customized renters insurance quote that will protect your child and their belongings while they are away at school. Read more about renters insurance here.