Never overpay for college

Include Renter’s Insurance In Your Plans

InsuranceIn life, perhaps only one time period represents a feeling of near invincibility. This grand time is known as college but perception is often not reality.

While it is easier to bounce back from a lack of sleep or a big, greasy meal as a young adult than as an adult, college students are far from invincible. Just like adults need Car, Homeowners and Health Insurance, students very much need Renter’s Insurance while in college.

Unfortunately, this is one of the many expenses that is not taken into account by families when planning for college.

If it were up the many college students, Renters Insurance would be an afterthought due to this perceived feeling of invincibility.

The reality is that Renters insurance serves a very important purpose. Renters Insurance covers one’s personal property from unexpected events such as water damage, lightening, smoke, fire, vandalism and theft.

These aforementioned events are in some cases due to students goofing around and in other cases are real issues that could not have been easily prevented.

Especially in urban campuses such as an Ohio State or Cleveland State, the opportunity for theft is increased and the last thing that a student wants is to lose important personal property without the ability for reimbursement. The benefits of obtaining Renters Insurance should be quite obvious but what exactly does it cost to purchase Renters Insurance?

According to the website of the National Association of Insurance Commissioners, premiums for renters insurance average between $15 and $30 per month depending on the location and size of the rental unit and the policyholder’s possessions.

One way to determine what your estimated cost would be for a premium is to utilize a tool that determines the value of one’s belongings, such as this one by Allstate. Another way is to directly connect with a representative from an Insurance Company to determine what your cost will be and what exactly is and is not covered.

For instance, certain items may be too expensive to cover with a standard policy and thus extended coverage may need to be purchased.

The good news for families is that all things considered, this price range is very reasonable, especially when considering how much money it would take to replace stolen or damaged items due to an unexpected event.

Renters Insurance also provides some form of peace of mind for parents who have plenty of other issues to worry about during and after the college years.

*It is important to note that Renters Insurance typically does not apply to students living in on-campus dormitories as often a parent(s) Renter’s Insurance Policy or Homeowner’s Insurance will provide the desired coverage. Student’s living off campus, commonplace in many schools for multiple years, are the candidates most in need of Renter’s Insurance.