Are you sending your child back to college this semester? After you’ve finished shelling out your hard-earned cash for textbooks, clothes, toiletries, laundry supplies, and other essentials, there’s one more item to put on your shopping list. An item that too many people overlook and forget.
…No, it’s not that new laptop they’re asking for. We’re talking about a good renter’s insurance policy, which is a must no matter whether your child is staying in a dorm or living in an apartment off-campus.
It’s not as exciting as a new laptop, but it can help protect that laptop! (Along with everything else they own!) Dormitories aren’t the most secure facilities with students and their guests entering and leaving all day. And let’s be honest, college students like to throw parties, and sometimes strangers sneak in. Dorm keys get misplaced. Doors are left unlocked. And pretty soon, laptops, cellphones, and other costly items could disappear.
The same is true of apartment complexes, especially those that predominantly rent to a student population. Many landlords require prospective tenants to have a renter’s insurance policy as a part of the rental application. But even if they don’t, you should consider purchasing one to protect your child’s personal property.
Many people think that if an apartment building burns down or is flooded, the insurance a landlord holds will cover the cost of their damaged possessions. But a landlords’ insurance policy only covers damage to the structure of their building. Without a renter’s insurance policy, you’ll be left to cover the replacement costs of your personal items yourself.
What Renter's Insurance Covers
There’s no one-size-fits-all policy.
Each policy varies based on relevant state laws, as well as the specific coverage options you select. However, typically, renter’s insurance policies cover:
- Personal property. Renter’s policies will cover the value of your child’s items up to the coverage amount you selected. You can purchase policies with coverage amounts in increments of $10,000. The higher the value, the more expensive your monthly premium. However, the monthly cost of most renter’s insurance policies can range between $10 and $30 a month depending on required limits and insurance scoring – a small price to pay for peace of mind. Some insurance policies — but not all — may require a special provision (known as a rider or scheduled item) inserted into their standard policy to cover high ticket items like laptops or jewelry. Riders typically cost extra, so read each insurance policy you’re considering carefully. Ask questions to make sure you have the coverage you need.
- Liability: Liability insurance protects your child in case someone is injured as a result of negligence. Medical bills (for others injured) can be quite expensive, but liability insurance can save you from paying those hefty bills out-of-pocket. You’ll have the option to determine how much liability coverage you want to purchase. For example, you may buy a renter’s insurance policy with $30,000 worth of property coverage and $100,000 worth of liability insurance coverage.
- Relocation expenses: This is also known as loss of use coverage. If your child’s rented living space is damaged or uninhabitable due to a covered loss on your policy, your policy may cover the cost of a hotel or other temporary accommodation while repairs are made.
How Do I Purchase Coverage?
Snyder Insurance can provide you with quotes from a variety of different carriers, and help you find the best policy for your student and your wallet. We can help you with standalone renter’s insurance policies or help you save money by bundling renter’s insurance with policies you may already have or looking to purchase.
For more information or to get a quote, get in touch with a Snyder Insurance representative today by calling 877-725-1800.