For all the students out there, at this moment in your life, you’re either living in a campus or in a rented apartment. Those of you who live on the campus site don’t have to worry about renters insurance as your parents’ homeowner’s policy should be enough to cover the loss or damage of the majority of items, considering that their policy includes the off-premise coverage.
However, things change as soon as you decide to move off-campus and pay rent. From this point on, you are no longer protected by your parents’ policy. Don’t expect to have your landlord’s policy cover your items, because it doesn’t, it only covers the building, not the tenant’s belongings.
In case your roommate has purchased renter’s insurance, do not rely on it to cover all your belongings; you can buy a policy together if you’d like and think it’s best for you, but even so make sure you have taken into account all aspects.
Renter’s insurance offers tridimensional protection:
I. Against loss or damage to your personal property (in case of fire, lightning…)
Make an inventory of all your belongings, along with photos or video of each room. Keep the receipts for major items and store them in a safe place away from your house or apartment. It will help you if you ever need to file a claim.
II. Against accidents on your property that injure other people (someone slips in your shower and gets hurt, or stumbles down the steps into the glass of the front door, ending up with a terrible wound that needs 27 stiches in their arm, or your dog bites someone).
III. Against damage to the property of other people (you’ve borrowed a typewriter from your friend, put it on a table near the window for inspiration, and a tree falls, crashes through the window and destroys the typewriter. You’re good for payment.)
Keep in mind that in many states whatever happens on your premise is your responsibility. Your renter’s policy is your best shield against lawsuits due to liability issues.
The National Association of Insurance advises and encourages all renters to add the renter’s insurance to their ‘must-have’ list because it offers much needed, undervalued security. Get your free online renters insurance quote and get started.
