As a college student, your main concerns should involve making sure you keep your grades up and being able to study for all of your tests. It’s also important to make sure that you protect yourself, as well as your parents, from financial loss, especially if they are still supporting you. Whether you live in a dorm, a frat house, or an apartment/home off-campus, you may want to investigate buying some type of renters insurance. Even a small policy will help if you suffer some degree of property loss.
Do I Need Renters Insurance as a College Student?
The answer to this is complicated. If your parents still support you, they may have you covered under their homeowners policy. If you are supporting yourself, it will be up to you to cover any losses you incur. Either way, if you want to make sure you are fully protected, it’s a good idea to talk to an insurance agent about purchasing a renters policy. Before you purchase a renters insurance policy, be sure to do your research and compare prices and coverage.
How Much Coverage Do I Need?
To determine how much coverage you will need, you will have to take an inventory of all of the items you own that are with you in your apartment or dorm room. A video inventory will help you with this. It is also a good idea to keep the receipts for any new electronics or computers that you purchase for school. These will come in handy when determining and proving their value.
Do I Need Insurance If I Have Roommates?
You will still need insurance to cover your own personal property. Your roommate will have to purchase their own policy if they want to protect their possessions. With a renters policy, you will also get some degree of bodily injury protection as well in case someone comes into your home and is injured in any way. While you are in college, it’s important to protect yourself from potential financial loss. Talking to your insurance agent will help you make a wise decision.
What Happens If I Don’t Have Renters Insurance?
If you do not have renters insurance and your possessions are lost, damaged, or stolen, you or your parents will have to cover the cost of replacing them on your own. This can be a devastating loss if you are just starting out or have parents who may not have the extra money to help you out. College is an uncertain time. Living without a renters insurance can make it much more uncertain.
If you are just starting on your educational journey, get started on the right foot. Are you looking for assistance with your renters coverage? If so, then contact the experts at Gant Insurance Agency. Our dedicated team is eager to assist you with all your coverage needs today.