Compare Renters Insurance
Keep yourself protected, with the best renter insurance deals available in the USA.
Who needs renters insurance?
If you live in a dorm or rental situation close to your college, and your parents’ home is still considered your primary residence, then it is likely that you are still covered under their policy. If you rent a house or apartment off-campus, or officially change your regular residence from your parents’ home, then you are not likely covered and will need to secure your own coverage to protect your belongings from fire, theft, or other damage.
College Student Living in a Dorm
Coverage for college students living in a dorm is normally limited to around 10% of your parents’ personal property coverage. If your parents are covered for $50,000, for example, you will only be covered for $5,000.
College Student Living Off Campus
Living off-campus indicates that you are now on your own, and are considered separately from your parental home. You may think you don’t need insurance, but if you consider the cost to replace your computer, books, cell phone and clothing, you will quickly realise that your belongings carry significant value – even if the second-hand selling price would be low.
As you move into the working stage of your life and begin to amass more belongings, and usually higher-quality belongings, the value of your belongings increases again. More furniture, a better TV, more electronic devices and artwork and decorations. All of this adds up.
Even if you are not legally required to carry insurance where you live (many apartments require it), it is a good idea to protect yourself from the loss of your belongings. A fire or break-in is distressing enough, it can take a lot of the anxiety away if you know you will be able to go shopping and replace all of your items at no extra cost.
Many older people do not have renters insurance either. For many of them, there was no such product available, or they have never been made aware of the current value of their possessions. Especially considering that many older people are living on a fixed income without a lot of wiggle room, having protection against loss of belongings can make the difference between a very stressful old age, and a reasonable recovery from a short-term loss.
Don’t forget to consider family heirlooms and jewellery. What might have been a curio or trinket fifty years ago may now be a valuable antique.
Types of Rental Insurance
There are four basic types of coverage that should be offered by the best renters insurance companies: Personal Property Coverage, Liability Coverage, Medical Payments to Others, and Additional Living Expenses/Loss of Use.
Personal Property coverage covers items like clothing, appliances and furniture. It can also cover property even when it is not inside your home – providing that it usually is there when you are. This is a nice feature for things like cell phones and laptops that may be stolen or damaged when you are using them at school or other places.
Liability coverage covers you if you are found liable for injury or property damage to another person or their belongings. This is limited to accidental or incidental damage or injury, not intentional harm. It can also cover other members of your household, or accidents that occur on your property.
Medical payments to others covers the medical costs for any house guests that are injured at your residence, whether you are liable or not. This can include ambulance fees, x-rays, doctor’s fees and stays in the hospital. Note, however, that this does not cover you or other members of your household.
Finally, additional living expenses/loss of use coverage covers the cost of temporary living arrangements while you home is being repaired or your belongings replaced. This can include hotel bills, restaurant and other food costs, and similar expenses. Be sure to check your policy for how long this coverage lasts, and for any limits.