Kapil SharmaFinancial protection on one’s property is highly recommended by economic masterminds. College is full of unexpected events and not all of them are pleasant surprises. Dorm rooms and off-campus apartments are prime targets for theft activities. You might think that your personal belongings are not of high value, but if you add them all up, you will realize that it is quite a bit of an expense to replace all of it in case it gets stolen or damaged.
For instance, to get a new laptop itself costs quite a lot, now imagine having to buy all of the necessary electric appliances together. This is where the idea of renters insurance comes in. A student such as yourself would be able to file a claim to replace their personal property.
A renters policy is an investment which is, in fact a great way to save money and even give yourself a little peace of mind. This might not be the first thing you think of while packing for college, but it is something really important. Whether you are heading to your campus dorm, renting an apartment or leasing an off-campus flat, it is important to protect your possessions. The following types of coverage will give you a better idea of the policy in its entirety.
Types of Coverage
Most college students are often in need of renters insurance, however it usually depends on where they are living. Unforeseen circumstances such as an accident, theft, fire, smoke damage or lightning are covered by a renters insurance policy. These incidents can be divided under three broad categories under the renters insurance policy which are as follows: a) Personal Property, b) Personal Liability Coverage (includes medical costs which might be incurred by someone in your home) and c) Loss of use coverage(in case your home becomes uninhabitable and you require alternative accommodation options).
Personal Property or Property Replacement includes computers, jewelry, television sets, furniture or home appliances and every item usually costs a bulk of money. In case you encounter an unfortunate home accident, having renters insurance will allow you to ensure every piece of property in your apartment and you can call the insurance company for the monetary equivalent of the items you lost. If you are a fresher then it is best to prepare a checklist for college and having a backup plan for property loss goes a long way, so do not forget to add renters insurance on your list.
Liability Protection or Personal Liability will help you if someone gets hurt in your apartment or you cause damage to your building by accident. In such a case, the medical and repair bills will be taken care of by your renters insurance policy. A friend might accidentally slip and get hurt even if you are super careful. Fire injuries occur more often than usual these days and having renters insurance will save you in times like this. If you read through some effective study tips for college you will realise that taking responsibility and creating an inspiring and safe atmosphere are two very important points mentioned. Having a renters insurance will give you the peace of mind you will require to concentrate on your studies.
Living Expense Coverage or Loss of Use Coverage will cover the replacement of your property and your living expenses just in case you need to move to a new apartment. These options are not covered by the landlord’s insurance but the cost of the repair of the building is usually taken care of in its policy. Depending on the plan you get, your renters insurance policy will also cover your hotel expenses and meals if there is a need for you to move out temporarily.
Residential Location
The type of policy coverage you are eligible for depends on where you live, whether you lie on campus or off campus determines the exclusions for liability coverage. For example, the loss of coverage category of your renters insurance policy will not be applicable if you live in the dorms of your college or university. We recommend you to carefully read through the student renters insurance policies before choosing one for yourself because different students will have different requirements. Renters insurance for students who live off-campus may need to buy more coverage for basic offers. In case you have a roommate you might want to consider getting an extension of your policy because it will not cover their protection from beforehand.
Renters insurance for college students living on campus are less complicated to deal with. For students living on college campuses, we suggest you to go through some safety tips to live there carefully. College life is fun and exciting but as adults you need to be more careful and responsible than before.
We hope this article was helpful and we wish you all the best for your college experience.