As a college student, your possessions are probably the furthest thing from your mind. In fact, it may seem like the only thing you own are your school books, cell phone, and your collection of novelty t-shirts.
However, should a fire break out in your dorm, or your dorm room is robbed, you will quickly realize how much your possessions are actually worth. The value of your laptop, your iPod, your clothing, and anything else that you have in your dorm quickly adds up. To avoid suffering a financial blow, should a travesty occur, it’s far better to protect yourself before your belongings are damaged or stolen with renters insurance.
Renters Insurance Defined
Renters insurance is an insurance policy that protects your personal property, including:
- Any technological devices you own (computer, printer, scanner, photocopier, MP3 player, stereo, speakers, etc)
- Clothing and shoes
- Bedding and decorative elements
And any other personal property that you have in your dorm.
Why Should College Students Purchase Renters Insurance?
Though you may not own the building you live in, you do own the stuff within that building. In the event of a fire, a flood, or any other act of nature, or a theft, your school’s insurance will not cover the loss of your personal property. Renters insurance will protect the items that you own, and if they are damaged or stolen, your policy will cover all, or part, of the cost of these items.
Renters Insurance Options
Generally, renters insurance offers two different types of coverage:
- Personal property – This coverage pays to either repair or replace your personal belongings, should they be damaged, destroyed, or stolen.
- Liability – Should someone injure himself in your dorm, or should his property be damaged while in your dorm, liability insurance will protect you should the individual file a claim or a lawsuit against you.
How Much Does It Cost?
The price for renters insurance varies; however, it typically is affordable, even for college students. The price depends on a number of factors, including the size of the space, the location of the space, and the personal possessions of the policyholder.
Filing a Claim
Should your property be damaged or stolen, contact your renter’s insurance provider as soon as possible. An agent will be able to help you file a claim so that you can either be reimbursed, or have the damaged or stolen property replaced.
It’s never too soon to think about protecting your belongings. Renters insurance is an asset for anyone who doesn’t own the property they live in, including college students.