Renters insurance can be beneficial for all types of renters. But there are some common misconceptions by groups of apartment renters who may not realize they need coverage.
The safe assumption to depend on is that if you are an apartment renter, you should carry a policy covering the contents of your apartment. Here are a few groups of renters who may not realize they should be insured.
Students – College students living in university-owned or off-campus housing for 9 months of each year are considered apartment renters, even if their college provides the living situation. Because theft can be common in college communities, college students should always carry renters insurance. Though parents may think their offspring are covered by their homeowners insurance policy while they are at college, that policy is likely to cover only about 25 percent of the costs if something were to happen to a students’ possessions. Despite having just a carload of stuff at school, the high cost of replacing electronics – computers, TVs, gaming stations, music devices – is argument alone for students carrying their own renters insurance.
Seniors – The situation for seniors living in assisted care or retirement living facilities is similar to that of students. Renters insurance protects the value of any possessions the resident has brought with them to their new home, as well as any family possessions stored in a storage unit. *Keep in mind that offsite possessions are typically covered only to $1000 or 10 percent of their value by renters insurance.
Military personnel – Renters insurance is especially important for our nation’s military personnel who are frequently traveling away from their apartments for long periods of time. Potential for break-ins and accident damage while residents are away is always higher than with consistently occupied units. Special rates for military personnel on renters insurance policies are easy to find.