What is renters insurance? If you live in a rented apartment, condo, or house, your landlord’s insurance never covers your personal belongings. That means if something valuable is stolen or a fire destroys everything you own, it’s your responsibility, not your landlord’s. Since the cost to replace your personal property could be much more than you can afford, having a renters policy is a smart way to protect yourself and your property.
A renters insurance policy typically gives you 3 types of coverage:
1. Personal Property protects the value of your belongings from a covered event, such as damage from a natural disaster, theft, or vandalism.
2. Liability protects you against a claim or lawsuit if a visitor gets injured on the property.
3. Additional Living Expenses pays for temporary housing and meals if you can’t live in your rental while damage for a covered event is repaired.
Whether college students need the protections of renters insurance depends on where they live. A student who lives at home or in on-campus housing is usually covered under his or her parent’s renters or homeowners insurance. However, college students renting an off-campus apartment, condo, or house should have their own renters insurance policy. They usually aren’t eligible to get coverage from mom and dad’s renters or homeowners policy.
Don’t make the mistake of thinking that students are too poor to have belongings to protect, and talk to an agent today about getting renters for yourself or son/daughter.