Today’s question comes from Tiffany in New York. She writes to ask,
Can college students get renters insurance? Should college students get renters insurance? Dorms are secure, right? What could possibly happen?
Can college students get renters insurance? Absolutely. Renters insurance is designed for just about anyone who lives somewhere he doesn’t own! For example, at one of the communities we work with in Baltimore, Fairways At Towson renters insurance is available to all the college students as well as anyone else who lives there. College student renters insurance is not expensive, and it’s something that everyone needs.
Can College Students Get Renters Insurance For Personal Property?
They can and they should! Sure, your couch may be secondhand, but you’d want to replace it at retail with like kind and quality if there was a fire. That’s not something you want to do out of pocket. But there are more expensive things than furniture in your apartment, so you need to know can college students get renters insurance. Think about the things you hold in your hand every day. The laptop you take class notes on. The iPad you take surveys on for your psychology class. The iPhone that’s likely your only phone. Think about all the electronics you own, and then consider whether you want to pay to replace them with like kind and quality. College students need to be aware of actual cash value vs. replacement cost coverage as well. The actual cash value of your couch is a few dollars, more than likely. The actual cash value of your $600 iPhone is maybe $150, on a good day. The list goes on and on. Can college students get renters insurance for personal property? Of course, and it’s important to have replacement cost coverage on the policy. Replacement cost just means that you get the amount of money necessary to replace the item with one of like kind and quality. If you have a 32″ TV with a tube, you need to be able to replace it with a 32″ TV today at retail. Even though TVs with tubes are no longer being made, the closest thing available would be an equivalent quality TV of the same size off the shelf. That’s what you would replace it with.
Can College Students Get Renters Insurance For Liability?
Yes, and they absolutely should. Often, your parents’ homeowners insurance policy has significant limitations on your coverage, even if the carrier will endorse on a student away from home. You don’t want 10% of the liability limit. You want the full amount. If there’s a fire caused by your negligence, you’re responsible for that. If there’s an overflowing bathtub that leaks into the apartment below you because of your negligence, you’re responsible for that. College student renters insurance liability coverage provides you with the liability coverage you need to protect yourself and your parents. If someone cosigned your lease, he’s also responsible. It’s one thing for him to pay two months rent so you can get out of your lease. It’s another thing for that cosigner to be on the hook for $50,000 or more of damages caused by your negligence. College student renters insurance helps mitigate this risk. Can college students get renters insurance? Absolutely! Should college students get renters insurance? Absolutely! Contact Effective Coverage at (800) 892-4308 today to find out more or click above for a free college student renters insurance quote!