10 Jun The Ultimate Guide to Renters Insurance
Moving to college for the first time can be stressful for both parents and students, and there are many new responsibilities and uncertainties to prepare for. However, most students do not think about the importance of renters insurance when going off to school. Whether you are moving to an off-campus apartment or renting a house, it is important to have coverage for your valuable possessions.
Depending on where you live, you may find that your personal property is in fact covered by your parent’s insurance, while in other cases you may need to purchase your own renters’ insurance. Many students make a mistake because they think they do not have enough monetary valuables to get coverage. However, many students own personal items, such as furniture, electronics, and clothes worth thousands of dollars.
In the event of a disaster such as a fire, or theft, the damages caused to a renter’s personal belongings will not be covered by their landlord’s insurance. This means that it is the student’s problem if their personal belongings are damaged. This can be an expensive lesson, especially for college students.
The good news with renters insurance is that you truly get your money’s worth because the cost is low, and the benefit is high. Renters insurance protects against a claim or lawsuit if someone is injured at your rental property. If your rental property is damaged and you are forced to relocate, a renters insurance plan typically covers additional living expenses. This includes costs for a hotel, rent, and even food expenses beyond your normal costs until the damages are repaired.
It’s important to find a policy that is right for you. Here are a few tips that will help students or first-time renters find the right policy for them:
Tips for Purchasing Renters Insurance
- Research if your current insurer has bundle or umbrella coverage options.
- Compare policies between multiple insurance companies.
- Talk to an advisor to learn about different coverage options.
- Be aware of what your policy does not cover.
- Consider a higher deductible so your monthly premium is lower.
The bottom line is that renter’s insurance is important. Fortunately, it’s very affordable as well.
To find out more about Renter’s Insurance. Contact one of our talented Risk Advisors today!
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