Friday, 29 June 2012

Don’t Forget to Put Renter’s Insurance on Back-to-School Supply List

Don’t Forget to Put Renter’s Insurance on Back-to-School Supply List

School is back-in-session which means your college aged child will begin to venture out on their own and move out of the house. No matter if you child chooses to reside in a traditional dorm room or move into a college apartment however it’s important that your child considers getting renter’s insurance—this will help safeguard your child’s personal and expensive belongings such as e-readers and laptops. And if you think your child’s items won’t need protection because they will be surrounded by “educated” students and reside in a “good” environment think again—theft in college is extremely common (intelligence has nothing to do with immorality, some students will steal anything from their peers); natural disasters can occur without warning; and last but not least college students can be just careless with their belongings. And for families that are already scrapping ends meat to send their child to school, replacing those important and expensive items out of pocket may not be easy to do.

Thus it’s important that your child is set up with proper renter’s insurance to help protect them if an unfortunate situation were to ever occur during their college career. Note that while most residences will most likely recommend a specific company to obtain renter’s insurance, your child does not have to go through them—a better alternative is to check with your vehicle insurance agency first. Since you already have a policy with them the company may just be able to provide you with some sort of discount. You can also shop around on your own to find a better deal. That said, to learn more about the kind of rental insurance your child will need for either living arrangement, continue reading below.

College Dorm Living

If your child chooses to live in a college dorm he or she may not necessarily have to buy renter’s insurance at all—your traditional homeowner’s insurance policy (or renter’s insurance policy) may very well cover some of your child’s items. And by some we mean only about 10 percent. This is because most homeowners and renter’s insurance policies put restrictions on what can and cannot be claimed once the items are off of the original property i.e. your home. So for example, if you already purchased insurance that covers $50,000, this means only $5,000 would be able to be applied to any losses your child may face.  If you don’t feel as though this is enough protection then consider getting full renter’s insurance coverage.  Just make sure to speak with your insurance company first to get the exact summary of how much your homeowner’s insurance can/will protect your child.

Apartment Dweller

 Slowly most apartment complexes are starting to mandate that residents purchase renter’s insurance in order to move-in. It makes sense, there are bigger and more valuable items located in an apartment, including television sets, desktop computers, clothes, and jewelry just to name a few. But if it is not required your child should definitely get it anyway. The added expense won’t be too much either. Some coverage policies are as little as a $100 a lease term. And your child will be thankful he or she spent a few extra dollars to protect his or her assets if a robbery or fire was to occur. Renters insurance also conveniently covers injury that may occur within your child’s apartment—lets’ say he or she has a party and someone is injured or your child’s dog attacks a friend, renter’s insurance would help pay legal fees if your child is sued.