When you’re packing for college, you may be thinking more about clothes, gaming consoles or the perfect laptop than insurance. Whether you’re heading to a campus dorm, renting a house or leasing an off-campus apartment, it’s important to protect your possessions.
Don’t make the mistake of thinking you’re too poor to need coverage. Many students have personal items – such as electronics, furniture, sporting equipment and clothes – worth thousands of dollars. Plus, college parties are prime opportunities for trouble, including injuries to a guest or property damage to your place.
What renters insurance covers. A common misconception about renting is that the property owner is obligated to reimburse you in the event of a catastrophe, such as a theft, fire or storm. As empathetic as your landlord may be, his or her insurance never covers you.
In other words, it’s your problem if something valuable is stolen from your rental, or you return to discover your possessions destroyed by a fire. It’s not a pretty picture – or an affordable one – especially for a college student.
Fortunately, renters insurance is a bargain for the protections you get in a basic policy:
- Personal property. Protects the value of your belongings from a covered event anywhere in the world, such as damage from a natural disaster, loss or theft. Common exceptions include flooding and earthquakes.
- Liability. Protects you against a claim or lawsuit if you accidentally hurt someone, or a visitor is injured in your rental.
- Additional living expenses. Pays for temporary housing and meals if you can’t live in your rental while covered damages are repaired.
By Laura Adams
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