It is almost that time of year: back to school for college students. Between thoughts of classes, social gatherings, and friends old and new, you probably aren’t spending much time thinking about renters insurance. After all, it is no fun thinking about a stressful event such as a theft or a fire. That being said, renter’s insurance can help ease your stress by covering you for whatever comes your way in the coming school year. Here are 5 valuable tips for renters going back to school.
- If You Live In Campus Housing, You May Not Need Renters Insurance – It is important to check with your insurance agent, but sometimes your belongings can be covered under your parent’s homeowner’s policy if you are living in campus housing. There may be a cap on the amount that your insurance provider will pay out for items lost or damaged outside of their home, so you may want to consider getting an extension on very valuable items such as electronics, jewelry, musical instruments, etc. If you are living in an off campus rental, you will need renters insurance to cover your belongings.
- You Are Best Off Getting Your Own Individual Renters Insurance Policy Even If You Are Sharing Housing With Roommates – It might be tempting to try to save money by sharing a renter’s policy with your roommates, but doing so could lead to trouble. After all, your belongings may be more valuable than your roommate’s, but splitting a lump sum pay out could be tricky when it comes to who gets what. Covering yourself with the policy that is right for you is the best way to ensure that your items are completely covered in any event.
- Make A List Of All Of Your Possessions That You Want To Cover With Your Policy – The best way to both choose coverage, and to receive a proper payout for your items is to have an accurate list of what you are covering. Consider all of your belongings including electronics, furniture, clothing, jewelry, accessories, collectibles, recreational items, and more. The value will add up! Keep this list somewhere safe so that it is easily accessible in the event of a loss such as a fireproof box or a safe deposit box. It will help you remember all of the items you need to replace in the event that something happens to them and will make the process go much more smoothly.
- Consider Extensions On Particularly Valuable Objects – Your insurance may not cover the full value of an expensive piece of jewelry or an expensive electronic. With this in mind, it may be worth getting an extension on your policy to cover these items. Without an extension, you could be making up the difference when you go to purchase a new item to replace what you lost.
- Choose Between An Actual Cash Value Policy Or A Replacement Value Policy – There are two types of policies to choose from, and they range in price. With an Actual Cash Value Policy, you will receive the current value of your object considering depreciation over time. This policy is usually cheaper, but it means that if you have a 3 year old laptop that cost you $5,000 new, you will not receive $5,000 to purchase a new one. Rather, you would receive the cash value of a 3 year old laptop, which will be less. A Replacement Value Policy will pay for the cost of replacing a lost or stolen object. This means that if your 3 year old laptop got stolen, you would get the money to buy a brand new laptop to replace it. The policy is more expensive, but it ensures that you are able to buy a full replacement of the items you lose.
A renter’s insurance policy covers more than just the loss of your possessions. It also covers personal liability issues if someone should get injured on your property as well as property damage. If you are bringing important valuables with you to school, make sure you are covered for whatever the next semester brings.
Contact ABCO Insurance Agency today for help with your renter’s insurance policy. We offer competitive rates to help you get the best coverage at a great price. Call us today!