Many of our clients with college-age students reach their junior year and decide to live in an off campus apartment or house while away at school. We believe that there must be some consideration to having renter’s insurance to protect their personal property, such as a computer, television, electronics, bicycles and even furniture. In the event something is destroyed, damaged or stolen all of the personal property is protected.
Even if a student is a dependent under his or her parent’s insurance, the student’s personal property, in many cases, is not covered if the student lives off campus. Parents are encouraged to call DOYLE Insurance to see if renter’s insurance is appropriate for their college-age attendee.
Why purchase renter’s insurance?
If you live in a rented apartment, house or condominium, your landlord’s insurance doesn’t cover your personal property in the event that it is stolen or damages as a result of a fire, theft or other unexpected circumstances.
How much does it cost?
The premiums for renter’s insurance average between $15.00 and $30.00 per month depending on the location and size of the rental unit and the policyholder’s possessions.
Other Key Issues
Make a comprehensive list of your possessions. If possible, include serial numbers or model numbers and year purchased. Most of our clients now take a photograph of their possessions as it is easier than maintaining a list
Try to keep an accurate account of the value. This is the amount of insurance you will need to replace the contents of your home if everything were destroyed.
Research the possibility of purchasing a renter’s insurance policy together with your roommates. Some policies automatically extend coverage to any resident of a policyholder’s household who fits the definition of “domestic partner.”
Try to install an anti-theft device inside the rental property.