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Renters insurance can be a student’s safety net

Renters insurance can be a student’s safety net

An increasing number of students choose to live off-campus, more often because it entails an increased level of independence and flexibility. While the experience is indeed rewarding and can ease a person’s transition into adulthood, there are a few things that every off-campus student needs to be aware of and eventually face: monthly rent and inherent expenses, food and utilities.

The harsh reality is that many young people ignore the responsibilities that come with independent living and end up losing thousands of dollars’ worth of personal property as a consequence of burglary, fire, natural disasters or other such happenings. One way to make sure you stay protected should disaster strike is to get renter’s insurance.

As a student, you might be tempted to think that you don’t own so many valuable things so as to need them protected; or that your personal property is covered under the landlord’s insurance; yet that’s generally not the case. Almost everyone nowadays owns a computer, laptop, tablet, smartphone, or bicycle. Just imagine what if all your clothes, footwear, textbooks, electronics, furniture or other belongings were destroyed by fire. Or you came home to a burglarized apartment after the holidays. Would you be able to replace everything immediately, out of pocket?

Renter’s insurance has the same purpose as homeowner’s insurance; to minimize the damage caused by a number of “named perils”, normally specified in your individual policy. Such instances include loss of personal possessions due to theft, smoke, vandalism, lightning, windstorm and more.

Additionally, renters insurance provides liability coverage should a guest be accidentally injured or their property damaged while in your home. ResidentShield’s insurance for renters includes coverage of up to $500 per person and $10,000 per accident, ($25,000 in Texas), regardless of fault.

It can also provide you with additional living expenses over and above your normal living expenses should you be forced to temporarily move out as a result of fire or other covered hazards.

Renters insurance is a good idea any way you look at it, and is relatively inexpensive. The average cost of a renter’s insurance policy is about $15 – $20 per month. It’s a small price to pay considering that it pays for your peace of mind, wouldn’t you say?