Back to School Shopping? Don’t Forget the Renters Insurance
For many students, living off campus in their first apartment is a rite of passage. For the first time in their lives, they are adult free, no supervision necessary. They can watch Animal House in peace and decorate with cliché posters, walls adorned with Bob Marley and the like. For hours they can assemble their Swedish made furniture, and attach stickers with their favorite political propaganda to the coffee table. All told, they can amass quite a few possessions. As a parent, wouldn’t you like to help educate your child on the importance of protecting their belongings? Texan Insurance has the scoop on Renters Insurance, and why your college student needs it.
What is Renters Insurance?
There are two basic types of coverage available: personal property and liability. Renters Insurance will protect your college student’s personal property (textbooks, computer, clothing, furniture, etc.) in the event of theft, damage or loss. The liability coverage will protect you should an individual suffer bodily injury or property damage while on the premises. Personal property protection is more common among the two.
When shopping for insurance, you must determine whether you are interested in “actual cash value” or “replacement cost’ coverage. The actual cash value coverage will pay you the depreciated amount for the covered belongings. Replacement cost coverage, while more expensive, will cover the full cost of replacing your lost/stolen goods provided you submit a receipt following the purchase of said item.
Why does my student need Renters Insurance?
You may think that if your student is living in a rented apartment, house or condo, that their landlord’s insurance policy will cover their possessions in the event of loss. This is incorrect. The landlord’s insurance is not extended to your student, only to the property of the building itself.
Want to know more about the Renters Insurance offered by Texan Insurance? Check out our website, or contact one of our agents to see how we can help protect you and your family.