Imagine this you’ve settled into your new place and finally have unpacked the last box. You have your TV setup complete with Netflix and all of your other favorite programs. The couch is in just the perfect spot and you think everything is only going to get better from here.
The following week you come back and find your TV missing, laptop nowhere to be found, and everything else that has any monetary value gone. It’s obvious at this point you’ve been robbed but you have no idea what to do. How are you going to pay for all new stuff? Is it covered under homeowner’s insurance?
It doesn’t matter where you’re living or who you’re living with, if you don’t have renter’s insurance you’re leaving yourself very vulnerable. Similar in nature to homeowner’s insurance, renter’s insurance protects your valuables from theft and damage. Additionally some policies offer liability coverage which will pay if someone is injured while on your property.
You would think renter’s insurance may seem unnecessary or even expensive, but it’s really not. Most insurance agents can add it to your current policy for as little as $10-12 a month. At most, renter’s insurance may cost you $20-$30 month, which still comes out to about a dollar a day.
Your valuables will be protected in case of fire, water damage, or any other damage that is out of your control. For example, it’s not uncommon to hear stories of students who would live on campus, go home for winter break, and come back to find that a water pipe had frozen and burst while they were away. Unfortunately most universities will not cover or compensate you for the damages to the stuff in your room. This is a reason it’s important, even for those living on campus, to have renter’s insurance.
Most renter’s insurance policies can also cover gaps that your other policies may not. For example, you leave your tablet and some expensive textbooks in your car while you’re at work. You forgot to lock your car, or a thief figured out a way to jimmy the lock and now your textbooks and tablet are gone. A lot of people would think auto insurance covers this, but many times it does not. On the other hand, renter’s insurance usually will!
Let’s consider the costs here for a one year policy where you’re living on or off campus. Odds are likely you have a television, laptop, and phone. On the lower end, we can safely assume the combined value of these items is about $500, at the least. A one year policy, at $30 per month (on the higher side) will run you $360.
Seems simple right? The policy covers more than the cost of the policy itself and that’s assuming the policy is at the max amount. You may also have other items such as a gaming system, expensive coffee maker, other electronics, and textbooks, all of which are also covered under the policy.
Renter’s insurance really gives you the extra peace of mind knowing your valuables are safe while you’re living away from home. It’s not expensive at all, and covers so much. Be sure to talk to your agent so you know exactly what is covered and what isn’t.