If you arerenting, whether you’re a college student living off campus, a recent graduatein the workforce living in your first apartment, or a family in an apartment orhouse, you will want to make sure that your property is properlyprotected.
For college students, if you are living in housing on your college oruniversity’s campus, you are most likely covered through your parents’homeowners insurance policy. However, if you are living in private,off-campus housing, just like any other renter, you should seriously considertaking out a renter’s insurance policy.Your landlord may require you to haverenters’ insurance, but not all do, and just because your landlord insures thespace you rent does not mean that you are covered.
Having a policy protects you and yourproperty from damages, theft, and liability, based on the type of policy youhave. If your apartment is broken into and you have belongings stolen, renters’insurance can help you replace them. It can also protect you from lawsuits ifsomeone is injured or suffers property damage while on your property if youinclude liability insurance. Renters’ insurance often protects your belongingswhen you aren’t at home as well. If you lose your luggage while travelling,have your laptop stolen at a coffee shop, or have items stolen out of your caryou may be able to file a claim on your policy. If you have a roommate, you’llwant to make sure that your name is on the policy, whether through a sharedpolicy or having your own – if you’re name isn’t on the policy, you aren’tcovered.
Renters’ insurance is fairly inexpensive, andmost policies range from $15 to $30 per month. Many companies will allow you tobundle your renters’ insurance with other policies, like your auto insurance,making it less expensive. In the end, you’ll be glad you have it. Already movedin? No problem! You can open a policy at any time.
