Welcome (back) to college! Between picking classes, planning a new schedule, and finding some time to socialize, the life of a college student is already full. Insurance of any type is probably the last thing that you want to think about. However, no matter the card you’ve been dealt, unfortunate circumstances can happen to anyone and their belongings at any time.<\/p>\n
More and more college students living in off campus housing, and renters insurance policies are becoming required in many lease agreements. With good reason! Let’s say you just dropped top-dollar on biology textbooks, only for them to be burned when the shoddy wiring in your rental unit caused a short-circuit. Or maybe you forget to check the weather forecast and ruin your laptop or tablet in a freak downpour on your front porch. Or perhaps your brand-new speakers are stolen by some uninvited guests during your house party.<\/p>\n
That’s where\u00a0renters insurance<\/strong><\/a>\u00a0steps in. One of the most common mistakes that college students make is assuming their landlord’s insurance policy covers them. While landlord’s policies generally cover their buildings, the tenants are generally on the hook for any personal property within them. To avoid any unplanned situations that may cause you to shell out unnecessary cash, you should\u00a0consider renters insurance during your time away at college<\/strong><\/a>.<\/p>\n Let’s answer some common questions about renters insurance for college students.<\/p>\n We hate to sound like your parents, but if you’re a student attending college \u2014 and not living with your folks \u2014 it’s wise to at least consider renters insurance. To really dig deeper into whether or not you need renters insurance, it’s best to consider exactly where you’ll be calling home this upcoming school year.<\/p>\n If you’re calling a college dorm home, it’s important to first assess if your parents homeowners insurance policy or renters insurance suffices to determine if you need renters insurance of your own. It’s important to note that although their coverage may include some of your personal property within on-campus housing \u2014 albeit a limited amount \u2014 your parents insurance policy generally will not cover liability or loss-of-use (more on these below).<\/p>\n However, if you’re holing up in off-campus housing \u2014 whether it’s an off campus apartment, house, or condo \u2014 your parent’s coverage may be moot. In this situation, it’s very likely that you need renters insurance, and it’s almost always recommended to purchase your own policy, as it’s highly unlikely that your parents’ policies will protect your belongings.<\/p>\n Renters insurance<\/strong><\/a> covers your personal belongings when they’re out in the world, be that at your friend’s place, the gym, or that one lecture hall everyone falls asleep in. But it also covers any situations in which guests may experience harm on your property. Basically, renters insurance has your back in many situations, including accidents, disasters, or scenarios involving theft.<\/p>\n The three areas of protection are:<\/p>\n Simply put, renters insurance covers your personal possessions. To gauge how much renters insurance you need, we suggest you grab a pen and paper and\u00a0start an inventory of your personal belongings<\/strong><\/a>. Start tallying up the estimated cost of your computer, sporting equipment, TV, jewelry, furniture, and electronics. And don’t forget the small things like clothing and kitchen equipment. Next, take a few photos to document the current condition of your apartment.<\/p>\n Once you have a ballpark number, consider the\u00a0replacement cost you’d need to replace your property tomorrow<\/strong><\/a>. Because items depreciate in value over time due to age and condition, it’s important to consider the initial amount paid vs. the going rate for a replacement. Consider that phone you paid $500 for a few years ago. With smartphones now surpassing the $1,000 mark, it’s important to account for the actual cash value of your property.<\/p>\n It’s also important to consider your deductible \u2014 or, the amount you pay of pocket in the event of a loss. Think of your deductible as the amount of money that’s deducted from any payout. Let’s say that you encounter $1,000 in damage to your laptop, and your deductible is $500. In this situation, your insurance will pay you the $500 balance.<\/p>\n Lucky for you, renters insurance tends to be inexpensive \u2014 even for those on a college budget. Don’t fret if your initial replacement estimates are high.\u00a0The average insurance policy costs just $12 per month for up to $30,000 in personal property coverage<\/strong><\/a>, according to the Independent Insurance Agents and Brokers of America.<\/p>\n Of course, where you call home will impact your policy. If you’re renting an apartment in a neighborhood with a higher crime rate, you can expect to pay a bit more out of pocket. Similarly, older buildings may impact your rates, as they are more likely to have safety issues. Luckily, installing preventive devices like smoke alarms and fire extinguishers can help you save a buck or three.<\/p>\n Many\u00a0insurance companies<\/strong><\/a>\u00a0also offer discounts if you purchase more than one policy with them. For example, Elephant Insurance offers significant discounts when college students\u00a0bundle auto insurance with a renters policy<\/strong><\/a>. And much like\u00a0shopping around for auto insurance<\/strong><\/a>, it’s important to know your options as a renter.<\/p>\n The Elephant Coverage Wizard<\/strong><\/a>\u00a0is a helpful tool for college students who have (or haven’t!) started comparing insurance providers. By answering a quick series of questions, you can learn which coverages would most likely be best for you\u2014all before you get a free quote. What this means is you can get personalized information with zero commitment. Try it out. We think it’ll help!<\/p>\n <\/p>\n The post Renters insurance for college students<\/a> appeared first on Elephant Insurance<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Welcome (back) to college! Between picking classes, planning a new schedule, and finding some time to socialize, the life of a college student is already full. Insurance of any type is probably the last thing that you want to think about. However, no matter the card you’ve been dealt, unfortunate circumstances can happen to anyone…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[16],"tags":[],"_links":{"self":[{"href":"http:\/\/torrent411.me\/index.php\/wp-json\/wp\/v2\/posts\/297"}],"collection":[{"href":"http:\/\/torrent411.me\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/torrent411.me\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/torrent411.me\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/torrent411.me\/index.php\/wp-json\/wp\/v2\/comments?post=297"}],"version-history":[{"count":1,"href":"http:\/\/torrent411.me\/index.php\/wp-json\/wp\/v2\/posts\/297\/revisions"}],"predecessor-version":[{"id":298,"href":"http:\/\/torrent411.me\/index.php\/wp-json\/wp\/v2\/posts\/297\/revisions\/298"}],"wp:attachment":[{"href":"http:\/\/torrent411.me\/index.php\/wp-json\/wp\/v2\/media?parent=297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/torrent411.me\/index.php\/wp-json\/wp\/v2\/categories?post=297"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/torrent411.me\/index.php\/wp-json\/wp\/v2\/tags?post=297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Who needs renters insurance?<\/strong><\/h2>\n
What is renters insurance?<\/strong><\/h2>\n
What types of personal property are protected?<\/h2>\n
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What does renters insurance cover? And how much coverage do you need?<\/strong><\/h2>\n
How do you get the best deal for college students?<\/strong><\/h2>\n