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What To Know About Renters Insurance, Tips For College Students
Many college students are not aware of renters insurance. If you are one of them, you do not have to be ashamed. Know that many university students are just like you. However, that is not an excuse to become ignorant. And that is why we have this short post about renters insurance which will help you further understand the concept.
Do I Need A Renters Insurance As A College Student?
We highly suggest that you get renters insurance as a college student.
Think about this. Over the years, you would probably accumulate expensive gadgets used for school. You have your laptop, your smartphone, your tablet, and even small appliances. If something happens and you do not have renters insurance, it would be harder to replace everything you’ve lost.
Of course, we are not anticipating the worst to happen to your valuables. But reality check, it could happen. Simply put, you are adding protection to your valuable items.
What If You Go Home To Parents’ House Durig Your School Breaks?
If you are living in a dormitory and you go back to your home during school breaks, then you don’t neessarily need renters insurance. Most likely, your parents are covered. But just to be on the safe side, ask them their coverage.
On the other hand, It could still be logical to get your own policy. This will allow you to file claims even for small payouts.
Do You Always Host Parties For College Students?
If in case you plan to host parties in your dormitory, it would be a wise decision to get renters insurance. You will never know if someone gets hurt in your place. At least you will always be protected.
What If You Are Living Off-Campus?
Now, if you are living off-campus, say an apartment, you badly need to have renters insurance. You have more liability now than when you live on campus. Thus, the level of protection should be higher.
The renters insurance should only cost you $10 to $20 per month. If you will look at it, the amount isn’t too big considering the peace of mind it will give you.
Personal Articles Insurance
What about personal articles insurance? Is it worth getting as a college student?
When we say personal articles insurance, this is the most ideal for dorm dwellers. In this type of policy, you can protect your valuables and at the same time, it covers water and accidental damages.
Terms And Coverage You Must Understand
What Is Property Coverage?
When we refer to property coverage, this means your items or stuff are protected. Think about your books, gadgets, and everything else you possess. Your things are protected wherever they are.
What Is Additional Living Expenses?
This could be useful for paying temporary living expenses. Think about when your home becomes unavailable due to damages or even fire. At least you can transfer to a different place and the fees should be covered by your insurance.
This pays other people wherein you are liable or responsible for what happened to them. This includes if someone gets hurt within your premises.
Finding The Right Renters Insurance For College Students
You need to do your due diligence if you wish to get the best renters insurance. You need to understand the coverage and of course, assess if it will not put a dent in your monthly budget.
Here are the things you need to consider.
Know How Much Coverage Your Require
In most cases, renters insurance will provide a minimum policy limit of $10,000. As a college student, this should be enough. But you have to evaluate the cost of your valuables as well. That way, you know how much coverage is ideal for your needs.
Look At The Additional Coverage
Apart from the core coverage, see what additional ones you can possibly use in the future. For example, are you always throwing parties for other students? Or maybe you want to add coverage that pays for alternative housing just in case your dorm isn’t available and you need a place to stay.
Ask Insurance Quotes From Different Providers
It wouldn’t hurt if you do some shopping. By this we mean you look for multiple options and find the best provider of renters insurance. Again, compare the cost and the coverage. It would be better if you look for an agent so you will be guided accordingly.
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