When you lived on campus, you and your personal items were most likely protected by your family’s homeowners or renters’ insurance policy since you still legally lived in your parents’ home. But, now that you’re residing lawfully on your own, it’s best to inquire about renters’ insurance.
Let’s take a deeper look at why every college student needs renters’ insurance and what’s not covered by the policy.
You Will Have Liability Coverage
Suppose you have a party at your apartment that gets out of control, resulting in someone getting hurt or injured. If you have renters’ insurance, you have liability coverage which pays for their hospital and healthcare-related expenses. This will also cover the cost of court judgments and legal fees if the injured individual decides to sue.
Your Personal Items Are Protected
Unfortunately, student apartments are a primary target for thieves. They know you most likely have high-priced items like laptops, tablets, and other electronics—which is why all college students need renters’ insurance.
Renters’ insurance protects your items, whether stolen or damaged. You’re also protected from damage from fires, storms, or other natural disasters.
Most renters’ insurance policies have maximum coverage, so ensure the policy limit is high enough to protect all your belongings—books, electronics, clothes, etc. Make sure to read your policy to know what is covered and what is not.
You Can Receive Temporary Living Expenses
If your apartment becomes uninhabitable, your insurance company will provide you with temporary living and pay for all temporary living expenses.
This coverage will cover rent while your apartment gets repair work and will pay for food you need while you’re away from home. You will receive enough money to last until it’s safe to move back into your space.
What’s Not Covered by Renters’ Insurance
Renters’ insurance covers a lot, but it doesn’t cover everything. Renters’ insurance only protects things that you own.
Your roommates would need to purchase their own insurance to receive coverage for their items. If there’s damage to the apartment building itself, the landlord or whoever owns it will be responsible for the damage using their insurance policy.
Cars and other vehicles are also not covered by renters’ insurance; your auto insurance will cover any damages or theft to your vehicle.
When you’re in college, it’s a common assumption that you’re irresponsible and aren’t taking the measures to protect and prepare yourself for the future financially. Take the time to shop for renters’ insurance to protect your items and finances.
Take an evaluation of how much coverage you need and decide on any additional coverage you might need, especially if you like having friends over.
Image Credit: Why Every College Student Needs Renters Insurance By Adobe: FILE #: 490057762
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