It’s time to move out of your college dorms and into your first apartment. It may not be the most luxurious place, but think of everything you keep in your apartment – laptops, cameras, financial documents, clothing, electronics and valuables. What would happen if you lost all of in a moment, be it a fire, natural disaster, or theft?
It may not be the first thing on your mind and you’re ready to settle in for summer fun, but the right renters’ insurance can help you replace those important item you can’t live, work or study without.
If you apartment was burglarized or your things damaged in a fire, a landlord’s insurance policy will not usually cover your personal belongings. The premiums are usually extremely affordable – often less than $25 a month – and you will be thankful you passed on that round of pizza and beers once a week for peace of mind, knowing your valuables are protected.
A renters insurance policy can cover your personal items against some of these common dangers*:
- Liability (personal injuries and lawsuits)
- Water damage (ie. burst pipes and leaky roofs)
- Wind and Weather damage
*Floods and Earthquakes are often excluded
Chances are you have a long list of valuables stored within your dorm or apartment. It’s important to maintain detailed records of all your possessions. Be sure to photograph each item, or use one of the many insurance inventory apps to help keep track of everything on a regular basis. And consider using a security cabinet or locked safe for your financial aid documents, jewelry or other small valuables.
Know Your Coverage Values and Limits
Be sure you know the difference between replacement value and cash value coverage. Replacement value coverage will give you enough money to actually go out and buy a replacement. And the cash value covers the cost of an item, minus a depreciation deduction – say for an older model laptop or camera.
Ask your agent about temporary living expense coverage for the cost of housing should your apartment become uninhabitable. And ask your agent to explain your coverage limits. Limits to coverage may make it hard to recover the cost of particularly expensive item. Consider purchasing a floater to extend coverage above the limit to these specific items.
Coverage Through the Homeowners Insurance of a Parent
If you are under age 26 and live on campus or in other school-sanctioned housing, your possessions will likely be covered under your parents’ home insurance policy. Be sure to talk with your parents and their insurance company before purchasing your own coverage.
Get Affordable Renters Insurance Today!
See how easy it is to shop for and save on renters insurance. Atlas Plus wants you to have a fun and carefree summer, so protect your personal belongings from the unexpected and speak with our team of professionals to find an affordable plan today!