The benefits of renter’s insurance for college students

Students heading off to college get an education in life when renting an apartment or house off-campus. Renter’s insurance will give those students one less thing to worry about. Even when a person is away at school, his personal property can be damaged or stolen. There are many benefits for a college student to get renter’s insurance.

For those college students that are living off-campus, with or without roommates, there are several options. The group can look at getting a renter’s insurance policy together. Some policies may cover domestic partners or other people living in the household of the policyholder automatically. Another option is for each roommate to look at carrying their own coverage.

As you are packing to head off to college, look at all the personal belongings you will take with you. The electronics, such as television, computer, and MP3 player, are the expensive items. However, clothes, textbooks, and furniture costs will add up as well. Imagine the thousands of dollars it would cost to replace these items if you were not carrying renter’s insurance. Insurance will protect your personal property against 16 perils, including theft and fire.

As you determine how much coverage you need, take inventory of your personal property. For items, such as electronics, it is important to write down the model number and the cost on your inventory list. You may also want to consider taking pictures or a video to keep with your inventory list in an off-site safe location.

When choosing a policy option, you will need to decide between actual cash value coverage and replacement cost options. Actual cash value covers the cost of your items less the depreciation in value. The replacement cost policy will cover the cost of replacing that item today.

Another benefit for college students is the liability coverage. If a student has friends over, the liability insurance will cover against a lawsuit resulting from someone being injured or property damage to others while on the policyholder’s property. Renter’s insurance will also help pay medical costs for anyone injured while on your property.

While you do not have a money tree growing in the backyard, renter’s insurance is an important investment to make. If a disaster, such as a fire, pushed you out of your home, how would you afford another place? Renter’s insurance will pay additional costs of living, as long as they are reasonable, if you can’t live in your home due to an insured disaster. This means if you need to stay in a hotel temporarily and eat meals at restaurants because you are unable to cook, your insurance will cover the costs.

Before your college student heads off to school, check your homeowner’s insurance policy. Your child may be covered under it. If the student lives off campus, chances are your policy will not extend to his personal property. Renter’s insurance will offer the coverage a college student will need to see him through any peril. With exams and papers to worry about, you should not have to worry about your bike getting stolen too.