There are many issues facing students who make the transition to off- campus housing, and one such issue is insurance coverage. As students move from an on-campus facility to their own off-campus home, more personal property is brought along. For some, the increased property may cause a need for renter’s insurance.
Renter’s insurance is personal property coverage against fire, the destruction or theft of property and personal liability. If there was a fire and everything was destroyed, renter’s insurance would help bring that property back.
“It enables you to be put back to your pre-loss condition,” Chuck Johnson, an All-State insurance agent, said.
Jeff Crawford, sales associate for Brook’s Insurance points to the recent fire at a University of Toledo apartment building. That type of situation would have lent itself to renter’s insurance. Any property destroyed in that fire and covered by renter’s insurance would have been replaced.
Crawford believes renter’s insurance is something more students should take advantage of.
“If you poll the students I bet a low percentage of them have renter’s insurance,” Crawford said.
Crawford sees many benefits of having renter’s insurance. Students tend not to realize how quickly their property starts to add up. Renter’s insurance is also fairly inexpensive. The cost per year on average is anywhere between $80 to $200, depending on how much property will be covered.
The renter’s insurance also covers the renter from personal liability. If someone was injured inside your property do to a negligent act, then the insurance may cover the damages. According to Johnson, each insurance company will have their own underwriting guidelines on renter’s insurance. It is important to check with them as to their policies.
For American Family Insurance, the place of residence has to meet certain qualifications in order to apply for coverage. Insurance companies also put a limit on the amount of roommates to receive coverage through one policy.
“It is in the best interest of everyone for each roommate to have their own renter’s insurance policy,” Johnson said.
Having renter’s insurance is not enough. It is also helpful for students to have documentation of their personal belongings that are in their house or apartment. After an incident, an insurance adjuster will look for proof as to what was lost. Keeping receipts for items or photographs and videotape is helpful in recovering the lost property.
“Having documentation is very important, especially if you have certain kinds of valuables,” Gloria Eckert, office manager for American Family Insurance, said.
