Posted July 17, 2013 | Filed under topic Types of Home Insurance Coverage
Renter’s insurance is needed for those people renting an apartment or house, and because it does not cost all that much – often under $200 a year – it only makes sense to get it. Think of it as personal property insurance.
But what a lot of people forget is that if they have a student in college, renter’s insurance or some equivalent is also needed for their belongings, too. Renters insurance for college students is available and affordable.
As with all insurance, it is best to shop around for the best prices and, if you have expensive items (such as computers), consider a rider to make sure it is covered. You may also want to secure that insurance before moving into a dorm.
You may also want to look at the deductible. If your $3,000 computer is stolen and you have $1,000 deductible, can you afford to pay that $1,000 out of pocket? And don’t forget those $400 textbooks, printers, digital cameras, and more.
Students should take a complete inventory of their belongings before discussing coverage with their insurer. People can buy specific dorm insurance, but renters insurance often provides greater coverage at not much more cost.
Many universities strike deals with insurance companies to make coverage available at discounted prices, but a lot of times as much as $5,000 worth of renters insurance for college students can be purchased for $100-$150 a year and feature a $25 deductible.
Parents may also be able to provide that coverage through their homeowners insurance, sometimes at no additional cost provided the student’s main residence is with their parents and the student is under 26 years of age.
For that, it is important for the parents to contact their agent and find out how much the coverage is, whether or not requires additional costs, and to what degree the student’s belongings are covered.
College dorms are frequently the scenes of thefts and vandalism, but there also are fires, water damages and other incidents that can occur.
Again, it is important to shop around for the best coverage and the best cost. Find out if the policy covers replacement or the actual value of an item. Choose one that covers the replacement costs.
If it does not cover fire or flooding, look for a better policy. Lastly, depending on your student’s course of study, it may also be necessary to get coverage for not just the dorm, but for school-related trips as well.