Living Off-Campus: What to Know About Renters Insurance

Many college students live off-campus, renting apartments they sometimes share with roommates or live in alone.

Today’s students often keep various forms of technology in their apartments. Laptops, phones and other electronic devices are prized by thieves seeking opportunities to steal. Protecting these belongings and other prized possessions they may have in their rental is vital to a student’s livelihood. Renters insurance gives students the protection they need for their belongings.

Do I Need Renters Insurance?

Although students may rent their homes, they’re still responsible for what happens inside their dwellings. Unexpected expenses are stressful and can lead to financial hardship for a student. Renters insurance provides liability and property damage coverage. The liability portion of a renters insurance policy can help protect against claims of third-party bodily injury or property damage caused by you or another person listed as insured on your policy. Your coverage may also help pay for medical bills if there is an injury inside your rental.

Two personal property coverage options are available with renters insurance:

·        Replacement cost value enables you to replace your purchased belongings at today’s prices.

·        Actual cash value lets you get the replacement cash value minus depreciation.

Some renters insurance policies will also pay your temporary living costs if you need to live elsewhere because of a fire, severe storm or another covered disaster. This coverage may include hotel bills, temporary rentals, restaurant meals and other living expenses. We can discuss if this inclusion can be part of your renters insurance.

How Much Insurance Coverage Should I Have?

Your renters insurance policy premium depends on the value of your belongings and what you want to insure. There is no standard coverage since it’s usually optional. However, you want enough coverage to protect your belongings. It’s important to inventory your belongings, adding up the value of everything you’d like to replace if it were damaged or stolen to ensure you buy the proper coverage. If you can, record model numbers, dates and where you purchased items, and take photographs or videos of your possessions.

Should I Have Other Insurance?

Renters insurance doesn’t cover floods, earthquakes or routine wear and tear. Depending on your location and needs, you may need additional insurance coverage for flood and earthquake damage.

You may rent, but your belongings are still valuable, and renters insurance can give you peace of mind and let you focus on your studies. Our team at JJ Insurance can ensure you have the proper coverage for living off-campus. Contact us today to get started on a policy that protects you and your belongings.