When you’re in college, you may find that “free” is your new favorite word, and the thought of adding another bill may seem daunting. However, there is one bill that even a broke college student can afford, that could save you a considerable amount of money down the line: renters insurance. Yes, you need it. Whether you rent an apartment or a single-family home, the landlord’s insurance on the building will not provide any coverage for your personal belongings or your personal liability.
Personal property protects your stuff, of which college students have A LOT. Historically, rental insurance was not often purchased by young college students simply because they did not own much of value. Today’s average college student has several thousand dollars worth of belongings, many of which are easy to steal (like a Macbook or a TV).
Students should take the time to make a list of everything they’re bringing to college to get a rough estimate of how much their personal property is worth. There are free apps that you can download and use to take inventories of your belongings, such as Inventory for Homeowners by Encircle Inc., and Inventory by Snappii. The total value of your personal property inventory is the minimum amount your renters insurance policy should cover. Remember, the cost of your policy is always based on the total cost of your coverage, but the average is well below $200 a year (that’s less than $20 per month!).
Renters insurance doesn’t just protect your stuff, it also protects you from personal liability suits — suits that could potentially make your college loans look like a bad allowance. Personal liability coverage will protect you in the event that you are sued for bodily injury or property damage to another party, which was caused by your negligence. That negligence covers a much wider array of events than most college kids realize…
Say you have a party in your apartment and someone gets alcohol poisoning, or what if someone slips and falls walking down your front steps? Don’t let an accident ruin your college experience. Renters insurance costs dollars a month and most policies will provide roughly $300,000 in personal liability coverage.
College isn’t just an investment of your time and money; it’s an investment in your future. It’s the time when you’re given real responsibility and learn to act as an adult. Protecting what is likely to be one of the largest investments of your life is the responsible decision; the adult decision. For about the cost of a coffee a week, you can enjoy college with the peace of mind that you’re financially protected.
At Eastern Insurance, we can help set up a policy designed for you.
Start college with a responsible choice and give us a call at 800-333-7234. Welcome to college!