Put Renters Insurance on Your Back to School List

Put Renters Insurance on Your Back to School List

 

When students head off to college, they take a little piece of their parents’ hearts with them. They also take a lot of stuff. In tow is some pretty expensive gear, including laptops, iPods, cell phones, and anything and everything they can cram into a trunk. Pack a renters insurance policy too, with replacement cost.

College is full of unexpected surprises and not all of them are good. Dorm rooms and off-campus apartments are hot targets for thieves, and anywhere you have dozens of kids, something’s liable to break. College is expensive enough without having to replace a stolen laptop. Buying a renter’s policy is a great way to save money and give yourself a little peace of mind.

Protection from Loss and Damage

It’s a sad truth, but with so many expensive items available, dorm rooms and off-campus housing are prime targets for thieves. If that expensive, had-to-have laptop or MP3 player gets stolen, renters insurance can pay the full replacement cost if replacement cost value insurance was bought.

If you’ve ever been to a college party, you know that things happen. Things are spilled, pipes are somehow clogged, and occasionally something’s set on fire. Renters insurance protects all the student’s possessions from 16 different perils, including fire, vandalism, theft, and damage from smoke.

Consider the cost of replacing a new laptop. It can be anywhere from $700 to $2,000. The average renters insurance policy premium is in the neighborhood of $15 per month. Imagine if the damage goes beyond a laptop. Would you rather pay the $10,000 to replace everything — or pay the premium? Renters insurance provides excellent value for the money.

Personal Liability

If someone were injured in the student’s apartment or home, renters insurance can cover the costs. Unfortunately we live in a litigious society. Fortunately renters insurance can also cover the cost of court judgments and legal fees if you’re sued.

Temporary Living Expenses

If the house or apartment where the student lives becomes unlivable due to a covered peril such as fire, renters insurance can pay the cost of temporary living expenses. Coverage will pay for the rent on a comparable house or apartment while repair work is being done.

College students, whether living on or off campus, are renting their home away from home. Protect the student’s valuable personal property with a renters insurance policy.

 

There are two types of policies:

 

1. Actual Cash Value – pays to replace your possessions up to the limit of your policy, minus a deduction for depreciation.

 

2. Replacement Cost – pays the real cost of replacing your belongings (regardless of depreciation) up to the limit of your policy.

 

If you have expensive jewelry, furs, sports or musical equipment, or collectibles, you may want to consider adding a floater to your policy. Most standard renters policies offer only a limited dollar amount for such items; a floater is a separate policy that provides additional insurance for your valuables and even covers them if they are accidentally lost.

 

Visit our Renters Insurance Checklist page for more information on coverage for personal possessions.
Available for Tucson and all of Arizona!
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