Renters insurance is essential for anyone who does not own a home. Renters insurance is actually a misnomer.
It really should be thought of as personal property insurance since it is designed to insure your personal possessions and not just for renters. It can apply for a wide range of other people as well such as college students, storage unit owners, and many others.
Since college students typically rent an apartment or live in a dorm room, renters insurance can be a valuable asset for them to have. Renters insurance will protect the assets they have. And, since replacement costs for items that are lost, stolen, or destroyed can be tough when you have a low income, renter’s insurance can help protect you and your assets.
What Is Renter’s Insurance
Renters insurance is designed to protect personal property of the individual insured. It is the equivalent to homeowner’s insurance without having to actually own a home. If you are a college student living in a dorm or an apartment, you could purchase renters insurance to protect your stuff such as your computers, furniture, clothes, and other items.
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You Are Not Protected By The School
Since it is about your property, it is important to consider protecting your things. No one will care more about your personal property than you do, and having renter’s insurance will save you from having to repurchase your belongings should they be lost or destroyed. It will protect your stuff whether it was stolen, destroyed, burned in a fire, or even if you simply drop it and break it.
Many college students mistakenly think that they will be protected by the school if the dorm catches on fire and they lose their possessions. However, the school’s insurance will only cover the building, not the contents of the rooms.
Renter’s Insurance Protects You From Theft
Also, renter’s insurance protects your personal property from theft. If your dorm room was to get broken into, renter’s insurance could help replace the items that were stolen. Also, if you had your possessions stolen from another place such as your car or even the library, your renters insurance could help there as well by replacing your lost property.
Why College Student Renters Insurance Works
Renters insurance is great for college students because it is very cost effective. Premiums for college student renters insurance policies are very low, and they can be even lower if you combine them with another policy such as your car insurance. Many insurance companies offer discounts for customers who combine their policies.
It is called a multi-policy discount. Plus, since college students don’t usually have a lot of personal property, the amount of insurance will be relatively low. Since your premium is based on the amount of insurance you get, you will typically have a lower premium if you get a policy in college.
Do not make the mistake of not protecting your personal property or thinking that you are covered when you’re not. College student renters insurance is too cheap and provides an excellent benefit to college students and apartment renters not to purchase a policy. Get Allstate Renters Insurance for as low as $4 a month!