Renter’s insurance is not something that your teen may think about, but it is something to consider. After all, no one wants to lose their things and then have to worry about replacing them if something happens. Insurance will often cover the costs of whatever is lost, but there are special instances in college where it is and is not needed.
Your policy might have “off-premise” coverage, which would cover your new young adult if they are living in the dorm. However, you’ll want to check your policy and ask your insurance agent to make sure it is covered and to discuss the limits of the coverage.
Once your student moves out on their own, they should have coverage of their own in case a fire occurs or someone breaks in and steals their things. Most apartments or rentals don’t cover anything beyond the building itself, meaning if something is damaged or stolen, they won’t replace it.
Your teen shouldn’t be depending upon a roommate’s coverage to cover their things. Policies typically only cover the policy holder, though there are plans that will cover both roommates.
Renter’s insurance is inexpensive and well worth the peace of mind you’ll have in knowing personal items, potentially worth thousands of dollars, are covered. Most renter’s insurance is roften between $15 and $30 depending on the location and size of the place, as well as, the possessions that are in it.
There are a couple important notes to add to help you determine the exact coverage needed. Fine jewelry, above a certain amount, often needs its own separate coverage attached to the renter’s insurance. This addition is called a rider or floater. Secondly, you’ll want to make sure what type of insurance you have on your policy. Some insurances only cover the actual cash value versus the replacement cost of the item. The cash value simply pays what the item is worth. If you bought an item five years ago, it often isn’t selling for the same amount that it would take to replace it. However, replacement cost will reimburse the full value of an item, if you were to buy it (or a similar item) new again.
Hopefully, you won’t ever need to file a claim, but if you do, remember that the insurance company is going to need a list of your possessions with purchase prices, as well as, model and serial numbers. It’s actually a good idea to take photos or videos of your items for documentation.
If you have a teen moving off to college, make sure to contact your State Farm agent Ed Underwood, to make sure you’re covered. Get in touch with Ed at (615) 771-0700, or in person at 206B Cool Springs Blvd Ste 208 and online at ed-underwood-insurance-franklin-tn.com.