If you are
renting, whether you’re a college student living off campus, a recent graduate
in the workforce living in your first apartment, or a family in an apartment or
house, you will want to make sure that your property is properly
In the end, you’ll be glad you have it. And, if you've already moved in, it's not too late. You can open a policy at any time.
For College Students
If you are living in housing on your college or
university’s campus, you are most likely covered through your parents’
homeowners insurance policy.
However, if you are living in private,
off-campus housing, just like any other renter, you should seriously consider
taking out a renter’s insurance policy. Your landlord may require you to have
renters’ insurance, but not all do, and just because your landlord insures the
space you rent does not mean that you are covered.
What's Normally Covered?
Having a policy protects you and your
property from damages, theft, and liability, based on the type of policy you
have. Some examples of common coverages are:
- If your apartment is broken into and you have belongings stolen, renters’
insurance can help you replace them;
someone is injured or suffers property damage while on your property, liability insurance can protect you from lawsuits;
- If you lose your luggage while traveling,
have your laptop stolen at a coffee shop, or have items stolen out of your car;
- Or if your apartment is broken into and you need to stay somewhere else while it’s being repaired.
* Important Note: If you have a roommate, you’ll
want to make sure that your name is on a policy, whether through a shared
policy or having your own – if your name isn’t on the policy, you aren’t
Average Cost of Coverage
Renters’ insurance is fairly inexpensive, and
most policies range from $15 to $30 per month.
Many companies will allow you to
bundle your renters’ insurance with other policies, like your auto insurance,
making it less expensive.