Why college students need Renters Insurance?
When you are leaving for college in another city you carry your own equipment like clothes, toiletries, bedding, a laptop, etc. But do you ever think, is your equipment safe in the rented room? Or if you are carrying any furniture are they safe? All these questions arise. Therefore, if any of your properties are damaged or stolen the responsibility is not of your landlord. The responsibility is yours. The money needed to replace your equipment will be more than you can provide. That is why renters insurance is necessary.
What does the Insurance cover?
It is totally a misconception that if any of your equipment is stolen or any damage occurs to them then the landlord will be responsible. No, you are the only person who is responsible and it would be a burden for you as a college student. Renters insurance covers all the policy mentioned below:-
- Personal property:- The value of your equipment is protected from natural disasters like tornadoes, etc., from any damage caused due to fire or any reason or theft. There are some exceptions like quakes or tsunamis.
- Additional expenses for living:- This will pay for your meal and temporary renting if you have any problem regarding your rented house or room.
- Liability:- Protects you from any claim if a person gets hurt or injured accidentally in your rented house or room.
Need for Renters Insurance in College
How to know whether a student needs renters insurance or not. This is a very common question that arises in every parent’s mind or even a student’s mind. This depends on the place you live in or the place you are renting. If you are doing your college from your own home. Then there is no need for any insurance, as you are under your parent’s insurance.
If you live in college premises or at your parent’s home the renter’s insurance extends if you are the dependent of the policy. And if you are living off-campus or in a rented room the insurance coverage of your owner will not cover your loss. You need to have a policy on your name.
If you are living off-campus with one or two friends you can also buy the insurance together that can help you to save a lot of money. But there are some downsides to buying insurance together. First is that, if one of your friends refuses to pay for the policy or is changing his or her room then you have to pay double. Another is that your friends claim adds up to your claim history therefore, you may have to pay more.
How to get the best policy
- You can discuss your insurance with your insurance provider to get insurance at the best price whether you can cover it or what will be the best price.
- Compare the price of all insurance on some online sites and look for all benefits, limits of coverage, etc.
- Talk to your college or school authorities. Some of the schools and colleges have good relationships with the insurance providers, they provide discounts to the students.
Conclusion
You should always buy the renters insurance if you are moving out to study in some other place. You carry all valuable items with you that is needed. And the loss of such valuable items will be a burden on you. Therefore, check for the best renters insurance and buy it. It will definitely be helpful.
