Renters Insurance For College Students: How To Get The Best Rate
No doubt about it, college is a time for big changes. You’re off on your own, and learning how to live life. It’s a time of many firsts, including first apartments for many. Most college students are first time renters. Since their budgets are strapped, most students are happy just to pay rent, and are likely to neglect paying for extras such as renters insurance.
However, this isn’t a good idea. When you rent, the landlord does have insurance on your housing. However, this insurance only covers the actual building, and not any of your possessions. If your stuff was stolen or damaged in something like a fire, you would be out of pocket for everything unless you have renters insurance. Fortunately, renters insurance is quite affordable, so it’s a very good idea to check into getting it to help protect your stuff.
Most people really don’t understand the implications of this. If something happen to your house or apartment (fire, broken plumbing, etc.), through no fault of your own, your damaged possessions are not covered, at all. You would have to replace everything you have at your own cost. For most, this would be financially devastating.
Now, for the real question: how do I get the best rate on renters insurance? Like I said before, renters insurance isn’t too expense, usually ranging from $15-$30 per month. This price depends on things like square footage, location, and the amount of stuff you have. By shopping around online, you’ll be able to find yourself a good rate.
In the event of a claim, the insurance company will replace your stuff up to the value of the policy. Items are only replaced by items of equal value, so it helps to save receipts and get big ticket items appraised so you can make sure you’re getting properly compensated for your loss. Claims are usually processed quickly, within two days or so.
So, unless you want to be faced with the challenge of replacing all of your possessions out of your own pocket, you’ll want to check into getting renters insurance as soon as possible. It’s the right choice to make, even for a poor college student.