Do College Students Need Renters Insurance?

renters insurance for college students

It’s an exciting time of year–it’s almost time for college students to head back to campus. While many students still live on-campus, if you are a college student that is going to be in your own apartment this year, congratulations! This is one of the many steps you’ll take towards independence.

Although you may be focused on getting the perfect furniture and cool decorations for your new place, you should also be prepared in case something goes wrong. Now, you probably don’t want to think about it, but there are a lot of things that can happen at your apartment, and no, that doesn’t include any fun parties you might be throwing.

What do you do if someone breaks something in your place? Or your friend hurts themselves while dancing around your living room and decides to sue you? These accidents, while scary to think about, do in fact happen, and you should be ready just in case. Renters’ insurance is a great way to be prepared for the worst while hoping for the best. It will protect your belongings, protect you from any liability and also cover any living expenses if your apartment becomes unlivable for a time. Let’s look at these three aspects of renters’ insurance.

Property Replacement Basics

If you own an expensive laptop, a high-quality flat screen TV or any nice furniture, you might want to take care of it. One way you can do this is by protecting your valuables with renters’ insurance. How does this work? Well, you can insure each of your important belongings in your apartment, so that if thieves come and steal your things or there’s fire or water damage that occurs, you can call your agent, fill out any paperwork, and get the monetary value of each item back. This way, you’ll be able to replace anything that’s been stolen, damaged or destroyed.

The Essentials of Liability Protection

Let’s say you’re throwing an amazing party, and someone happens to slip and fall on a rug that you have in the living room of your apartment. They sprain their ankle or break their arm, and all of a sudden, that friend of yours is suing you. While it was obviously an accident, you still are responsible. With renters’ insurance, you don’t have to worry about footing an expensive medical bill. It will cover the cost of repairs for any damage that occurred, as well as the medical expenses for your friend’s injury.

What About Living Expense Coverage?

While your landlord should have insurance that covers any cost of repairs in case of a natural disaster, like a hurricane or fire, what it won’t cover is the cost of you having to live somewhere else while the building is being repaired. Renters’ insurance, however, will cover these costs, also referred to as living expenses. Even if you only spend a few nights at a hotel, you can still run up a hefty tab. That’s where your renters’ insurance will step in, so you don’t have to worry about a thing.

So, Where Can You Get a Good Renters’ Insurance Policy?

We know you’ve got a lot on your plate, from physics to frat parties. So, let the experts at ABCO Insurance Agency, Inc help you find the perfect renters’ insurance policy for you. Contact us today to get started.

Monopoly House - Homeowners Insurance

What Prevents Homeowners from Being Approved for Insurance?

After shopping around and finding the right insurance, some homeowners are shocked to find they have been denied coverage. It’s not as uncommon as many searching for insurance are lead to believe. There are five common factors that often lead to insurance coverage being denied.

  1. Credit History. While your history of credit isn’t the only factor in being approved for insurance, it is certainly a factor. Insurers will want to see that you are not a liability and can make your payments.
  2. Geographic Location. Depending on how risky where you live has been deemed, you may not be able to get insurance. For instance, due to the wildfires in California, it is much more difficult to get coverage.
  3. Claim History. The more claims you have in your history, the bigger risk you are to insure. Claims can do more than just higher your premium; they can affect whether you can renew or get a new policy. Typically, insurers try to stay clear of those who have filed a claim in the past three years. If you’re close to the three-year mark of your last claim, it could pay to wait the remainder of the time before trying for a new policy.
  4. House Materials. Depending on the materials used when building your home, your roof and siding could be more susceptible to damage from weather elements, UV rays, and even deterioration that begins inside. Keeping everything in working order and performing regular maintenance will help you be approved for coverage.
  5. Pet Breed. Dog owners may have a harder time finding insurance, depending on their dog’s breed. Since dog bites account for one-third of all liability claims, insurance companies tend to steer away from dogs with a history of aggression or a breed that is considered aggressive.

If you are concerned about renewing a homeowner’s policy, don’t do it alone. Contact an ABCO agent today and we will work with your specific needs to find the right insurance company and policy for you. We take all factors into account before applying, taking the stress out of homeowner’s insurance.

ABCO Insurance - Renters Insurance

Avoid Traps When Renting Your First Apartment

Getting your first apartment can be exciting, but it can also quickly turn into a nightmare of hidden costs and financial pitfalls. For those who have rented before, it becomes far easier to avoid costs and to know what to look for in a new place, but where do you start when it’s your first time?

Understanding the snares that trap first time renters can help avoid costs, extra time and loss of your peace-of-mind.

Read the Lease

While it may seem like a good idea in the moment, it’s not a good idea to simply skim your lease agreement. This is the first and biggest mistake most first time renters make. When talking to a potential landlord, they will often word agreements verbally in a way that seems agreeable, but they are working in service of their own profits most times.

Take a Good Look at the Place

In the excitement of your very own place, you may just skim the area. It is important to look at more than how much space you have. Instead, check for damage and have it indicated on a legal document that the damage occurred before your move-in.

Also, check the security and if the doors and locks work well. It is also important to check water pressure that the bigger appliances work, and that the burners of the stove come on.

Put Everything in Writing

Don’t leave important agreements up to hoping your landlord is a good person.

This is especially important when you own a pet. A lot of first time renters assume if a lease doesn’t say they can’t have a pet, they are fine to move their furry family members in. Having it in writing protects you from having a huge issue down the line and will help clarify the contingencies of your pet agreement, such as how much extra you pay and how many pets are allowed. Other financial agreements should also be clearly written out on a formal document to ensure your agreement holds up.

Buy the Right Renters Insurance

Renter’s insurance can be difficult to figure out, and not all insurance brokers are on your side. If a water pipe breaks, you could lose out on all the new furniture you just spent your savings on. However, be sure to look over every word of the insurance agreement. Be sure to understand what type of insurance you have and under what circumstances, and not just how much value for which you are covered under the policy.

If the ink is still wet on your first apartment’s lease, contact your ABCO agent to make sure you have the renters insurance you need to protect yourself and your assets. Contact us today!