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Leaving the Nest: College Students and Renters Insurance

When it’s time for college students to go back to school after enjoying summer, you need to prepare financially to buy the stuff that they need for the upcoming school year. These include new clothes, new books, and perhaps a new laptop.

On top of these, you should also remember to buy renter’s insurance.

The importance of getting covered

Generally, students who live inside the campus are usually covered by the insurance policies of their parents. Whenever their belongings get stolen or are broken, the insurance can cover or the loss or damages, respectively.

On the flipside, students who live off campus face a different kind of predicament. The insurance policies of their parents will not be able to cover their items. Moreover, the landlord’s policy will likewise not provide coverage most of the time.

This is because once they start to live outside of the campus, they are no longer deemed by the insurance providers as dependents. As for the landlord’s insurance, they only cover the structure of the house or building.

Thus, this is where renter's insurance enters the picture.

Renter’s insurance: What does it do?

Basically, a renter's insurance provides protection for the belongings of the students living off campus. This type of insurance will cover items such as clothes, furniture kitchenware, and electronics. It will also cover liability in the event that the student gets injured while inside the property they are renting.

In case of fire, lightning, water damage, windstorm, burglary, theft, or explosion affects the apartment, the renter's insurance will cover for the damages on the student’s belongings.

Another example is when an accident occurs during a party inside the apartment. If the victim breaks a bone, the insurance will provide medical assistance and coverage for the legal fees.

Is it really necessary?

Technically speaking, a renter's insurance is not a necessity. Not unless the landlord requires the student to purchase one. In the event that you decide not to buy your child a renter’s insurance, you need to be prepared to pay for the repairs or replacements of their belongings even if the reason is caused by natural perils like lighting and fire.

The amount of coverage

As for the amount of coverage that you need, you must base it on the value of the things your child owns. On average, a renter owns around $20,000 to $30,000 worth of items. If you are in the dark regarding the valuation of the belongings, conduct a home inventory. List down all of the items. If you are in the market for Los Feliz real estate or other Los Feliz homes for sale contact trusted real estate agent Mark Mintz today.

 
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