Considering Renter’s Insurance

Yes, it is that time of year.  College towns across the country will once again be bustling with both new and returning students, and most will be moving into a new apartment or house.  Maybe it’s your first time living on your own, or perhaps it’s merely a new address for the school year.  After you move all of your clothes, electronics, furniture, and that mattress that you had strapped to the top of your car, take a moment to look at all the personal belongings you brought with you.  Would you be able to replace those items yourself if something happened?

Landlords are responsible for the structures they rent but their tenants are responsible for their personal property.  A renter’s insurance policy provides coverage for your possessions against threats of fire or theft up to a specified maximum dollar amount.  They also provide you the ability to specifically insure, or schedule, expensive items such as laptops, bicycles, and jewelry.  Scheduling an item gives you broader coverage and you can choose a separate deductible for each item.

Many landlords require their tenants to carry their own renter’s insurance, and for good reason.  Not only does a renter’s policy cover your tangible items, it can also provide medical payments coverage and personal liability.  If a friend is visiting you and happens to fall and break their arm, medical payments coverage can go towards paying for their medical bills.  Now if that same friend was visiting, slips and falls on an icy step and injures them self, your personal liability would protect you if they tried to say you were liable for their injuries.

With all there is to do when getting ready for a new semester’s worth of classes, renter’s insurance may not be the highest of priorities.  But sometime between catching up with old friends and buying new textbooks, give renter’s insurance some thought to protect yourself and your belongings.