Renters insurance is essential for every college student. You can’t afford to buy a home, and if you’re not staying in the dorms, you need an apartment.
There are a few things to keep in mind when you’re in college and living the dream in an apartment. Yes, you have quite a lot of freedom, but there are some issues that you should resolve, understand, and come to grips with when you purchase renters’ insurance.
What Does Renters Insurance Cover?
Renter’s insurance covers injury, illness, and personal property of the policyholder. Also, these policies protect the policyholder if there are personal injuries or illnesses caused by the property or items inside the apartment.
Plus, if you unknowingly cause problems inside the apartment that result in damage, you can file a claim against the policy.
What Does the Landlord Cover?
Your landlord covers the building and property. When they purchase insurance, they’re protecting their investment. The landlord’s insurance doesn’t cover you, your roommates, or your belongings.
This is an important distinction because many renters might wrongly believe that their landlord is somehow insuring them—up to a point.
A special point of emphasis regarding landlords. Many landlords own a couple properties and are living off that income—they can’t afford to simply replace your personal belongings or cover other liabilities out of pocket. If you live in an apartment complex owned by a larger company, the property management staff aren’t in control of the process. They collect rent checks.
The corporation is insuring the property.
You must insure yourself.
Are Your Roommates Covered?
Your roommates may not be covered if they don’t have their own renter’s insurance policy. Remember, if something happens and you file a claim, you’re filing a claim to recover losses for all those named on the policy. If your roommates aren’t named, an adjuster will not account for anything they’ve lost.
In short, renters’ insurance is affordable and should be carried by everyone in the unit just in case.
Contact The Budde Agency for More Information on Renters Insurance
Reach out to our insurance experts at The Budde Agency when you need renters’ insurance for your college apartment. We can guide you and your roommates toward an affordable and beneficial policy. We also welcome the parents of college students who are footing the bill for many of these expenses and may not remember what to look for in a renter’s policy.