Should students have tenants insurance?
As the new school year is upon us, students are preparing to move away (or move back to) college or university; an important consideration is to have insurance in place that covers your personal belongings, as well as liability.
Some student residences or housing may require you to have your own tenant’s policy, but check first, you may already have coverage under your parents’ property policy. Here are five reasons tenant issuance is a good idea, even when it is not required.
- Protect your belongings
You own more than you think. From furniture to expensive laptops, insurance will protect it. Many students are surprised to realize how much stuff they actually have and how expensive it would be to replace all of it at once.
- Protect yourself from liability
It is important to expect the unexpected. Your building may get damaged, or someone may get hurt. If there are injuries or property damage the student(s) renting that home or dorm room could be held financially responsible.
- It’s affordable
Tenant’s insurance policy is roughly $200 – $400 a year for $20,000 in contents and $2 million liability. Your peace of mind will cost less in a month than daily coffee runs to the cafe.
- It covers additional expenses after a loss
If your home is damaged in a loss, you will need a place to stay temporarily. Insurance will cover these necessary extra expenses while repairs are completed.
- It’s easy
Contact your broker to purchase a tenants policy or confirm an extension from your parents’ policy. All you need is a value and list of any expensive items to confirm accurate coverage.
So when you are making your back to school list – don’t forget to add your insurance protection.