Renter's Insurance Information
office of residential life
As a lessee, you have probably invested more in personal property than you realize. Fires, theft, and lawsuits can cause you serious financial difficulties. Renter's Insurance can provide protection against these tragedies and give you peace of mind at the same time.
Students who maintain legal residence with their parents may be covered by their family's Homeowners' Policy. In this case, a student would not need insurance of her/his own, but it would be wise to check with your family's agent about this first. Renter's Insurance is a valuable asset to the students renting off-campus housing.
You will want to weigh the costs and benefits of Renter's Insurance for your particular situation. The importance of comparison shopping cannot be underestimated. Rates and coverage will vary widely from company to company. Consider as many different agencies as you can. Simply look under "insurance" in the Yellow Pages and begin calling insurance agencies. Pay attention to:
- Type of coverage
- Coverage for damage to your personal property from fire, smoke, vandalism, wind, hail, snow, and water
- Coverage for theft of personal property on and off the premises
- Coverage for personal liability for lawsuits if, for example, your dog bites a neighbor, or someone slips on an icy sidewalk for which you were responsible
- Amount of coverage: The amount deductible is the sum you will be financially responsible for before a claim is covered by the insurance agency.
- Living situation: The cost of the policy will depend on your living situation and is based on such facts as the number of apartments in the building, whether you live alone or with roommates, the construction of the building, and whether you live in or out of the city limits.