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Why college students living off-campus should have renters insurance?

The reason why college students who live off-campus need renters insurance

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  • Students who live in dorms could be covered by the homeowner’s insurance of their parents.
  • Students who live off-campus have to buy renters insurance to protect their possessions. Roommates need to be covered by renters insurance.
  • Renters insurance is averaging approximately $15 per month.
  • Policygenius will assist you in comparing insurance policies for renters to determine the best coverage for you and at the best price.

In the summer months, at the end of summer, parents usually take their college children home and take them to their dorms or other off-campus accommodations: the usual checklist towels, bedding laptop, and laundry equipment. But one thing that is often overlooked can be left out: renters insurance.

Students who live in college dorms might be covered by the homeowner’s insurance of their parents. But, students who live outside campus should purchase renters insurance in order to be sure their belongings are secured.

As per the Insurance Information Institute, the insurance for renters is on average $180 for the year, which is roughly 15 dollars per month. This is a tiny amount that will ensure your possessions are insured.

Do college students require renters insurance?

If you’re in a dorm, then you probably don’t require insurance. College students who live in dorms could be covered by their parent’s homeowner’s insurance policy. Mike Gulla at Hippo Insurance said to Insider that certain homeowners insurance companies provide the “student who is away from school” policy, which allows you to include the student’s residence within the coverage.

If you live outside of campus, you must buy renters insurance. Even if it isn’t required from your landlord, renting insurance can help safeguard your belongings from fire, theft, and water destruction. Also, it protects your personal liability in the event that you are injured within your apartment. The issue isn’t whether you require rental insurance; do you have the money to replace your possessions and then replace them yourself?

A cautionary tale by actor and director Issa Rae argues for renters insurance. Soon after graduating from college, she was awarded an honorary fellowship in New York City. According to The New York Times reports, “One night, thieves entered her home and took thousands of dollars worth of gear, which included cameras, laptops and all the tapes.” If she had insurance for renters and had it, she could have had her equipment repaired. However, the equipment was an absolute loss, and she had to leave New York and return home.

Renters insurance doesn’t cover roommates.

Renters insurance doesn’t cover your roommate. If you share a room with a friend, each of them should have their own insurance. Renters insurance covers only the policyholder who is insured. It doesn’t cover anyone else living in the same apartment or home.

What happens if you need to relocate mid-year?

One of the components of renters’ assurance can be “loss of usage.” The loss of use policy provides reimbursement for temporary accommodation if an event that is covered makes your rental property habitable.

Yael Wissner Levy, vice-president for communications of Lemonade Insurance, told Insider that if a child is evacuated in mid-year because of the epidemic, Lemonade allows you to end and begin your insurance at any time, which means you can transfer it to a different address at any time.

Wissner Levy explained that the “loss or usage” coverage to take effect the evacuation has been officially declared by a “civil authority” such as the governor of the state who declares an emergency or declares an executive order halting any on-campus living in order for your policy to cover the accommodation you have elsewhere.

She also said that the issue is “especially relevant to international students who are studying abroad within the US — or just students from outside the state who do not have a support system close by and may have to rely on an accommodation in the short-term.”

Insurance companies for renters differ in their policies for “loss of use”; therefore, it is advisable to speak with your provider prior to making the assumption that loss of use will be a factor. If so, take photographs of the damage and make sure you secure and lock the property as well.

What is Renters Insurance?

The insurance policy of your landlord protects the structure and building, but the contents inside the rental property are your responsibility.

Renters insurance is a form that is part of the homeowners’ insurance referred to as HO-4, which guards the possessions of renters against loss or theft. There are three components of coverage for the renter’s insurance policy: personal property protection, personal liability coverage, along “loss in use” insurance – in the event that your property is damaged and unlivable.

Renters insurance covers your personal belongings if they are damaged due to an event covered called an insurance risk. Common insurance hazards include fire or smoke, theft, and storms.

Home furnishings are generally protected. However, you might require additional coverage for items such as high-end electronics, unique jewelry, fine art, firearms, and specialty bikes, as well as cash in the case of theft. Some of these items might require the “personal item” endorsement or an add-on rider.

If you’re the DJ at your campus and have a large collection of vinyl or recording equipment, it’s best to notify your agent to ensure that you’re covered.

If you own pets, notify your agent if you own an exotic animal such as a large dog or certain breeds so that you’re insured. There could be limitations to liability coverage in the event that your pet is attacked or bites guests. If you do not reveal the breed of your pet or that it is an exotic pet, your renter’s insurance could deny you a claim.

Wissner Levy pointed out that as a tenant, you’re safe from anything that could cause water damage without prior knowledge of issues, such as an accidental overflow of water or steam from heating, plumbing, and cooling systems, and sprinkler systems. It also protects you if the sprinklers of your apartment malfunction and soak your possessions or if your pipes freeze during winter months and then burst.

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