Do College Students Need Renters Insurance?
The National Center for Education Statistics says that 33% of all crimes on campus in 2019 were thefts. A renters insurance policy will pay to fix or replace your personal belongings after a covered loss. It will also pay for your living costs if you have to find a new place to live because a covered loss made your old place unlivable. It will also protect you from liability if you damage the property or hurt someone on it by mistake.
The homeowners insurance contract of a student in college may cover them. Most homeowners insurance plans have a sub-limit for personal items that are not on the property, like those in a dorm room. But if the student moves off campus, they might no longer be covered by their parents’ coverage and their landlord might require them to get renters insurance.
Graduate students might be too old to be covered by their parents’ coverage and might also need their own renters insurance.
When it comes to coverage, you want to make sure you have enough to get your money back if a storm, fire, or other covered event damages your personal property. To do this, make a list of everything you own by writing down what you own and how much it is worth. Make sure to keep your records if you have them. You should also list valuable things like jewelry or electronics, which may need extra coverage.
You should also check to see if your policy is based on the cost to replace the item or the item’s real cash value. A replacement cost will pay you back the amount it would cost to buy new things that are the same as the ones you lost. With a real cash value, you will only get back the value that has been lost over time.
Used things wouldn’t be as valuable, so your pay would be less. How you weigh the risks to your property against the monthly premium payments will determine which coverage you choose.
Check to see what kinds of events are covered. For example, one insurer’s standard renters insurance may include coverage for flood, while another may offer it as an add-on or refer you to another insurer.
Lastly, look at the policy’s covering for personal liability and extra living costs. Whether or not you need them depends on how likely it is that a friend will get hurt on your property and how likely it is that you will have to move out because of damage to your unit.
Do roommates get covered by the renter’s insurance?
Most insurance plans for renters won’t cover roommates. So, if your roommate’s things get broken or stolen, your policy won’t cover it.
Some insurance companies might let you add a friend to your policy, but it’s not always a good idea. For example, if your neighbor makes a claim on the policy, it will show up on your claims history. Also, the policy’s coverage limits may not go up if you add another person.
When you buy rental insurance, you hope you’ll never have to use it. But a burglary, a small fire, or even the total destruction of the building you live in can all lead to the loss of your personal belongings or the inability to use your rental house. Here’s what you need to know to make an insurance claim, including the steps you’ll need to take and what to expect during the claims process, whether it’s for the loss of a few personal items or something much worse.
What does insurance for renters cover?
A renters insurance contract should cover three things: personal property, renters liability, and extra living costs.
Personal property or belongings coverage pays the renter back for things like furniture, clothes, phones, appliances, bedding and towels, sports equipment, and musical instruments that are lost, damaged, or destroyed. Items like jewelry, artwork, and collectibles that are very expensive may need extra coverage, which is called a “rider” or “floater.”
Personal liability insurance shields the renter in case they are sued because of something that happened on the rental property, like an accident, a bite from a pet, or damage to a neighbor’s property.
If the rental property is damaged and the people living there have to move out temporarily, the additional living costs coverage will pay them back. This insurance will pay for room bills, meals, and other costs that are above and beyond what you would normally pay for.
Renters insurance claims can be caused by things like smoke, fire, blasts, theft, vandalism, windstorms, lightning, and water damage caused by plumbing leaks or other internal sources. Most of the time, earthquakes and storms are not included.
How do I make a claim on my renters insurance?
Know that the faster you make your claim and the more details you include, the faster you’ll get paid and the less likely it is that your claim will be turned down. Any mistakes or omissions will probably cause the process to take longer or the payment to be smaller. All renters insurance companies should have the same claims process, but you should check with yours to see if they have any other standards or requirements.
Tell your property owner
The first step in making a claim on your renters insurance is to tell your landlord what’s going on. Even though the owner probably won’t have anything to do with your claim, most leases require you to tell them right away if the property is damaged or in danger. If there are problems with the property, the landlord will take care of them.
If there was a break-in or other crime, the landlord should know about it and let the other renters know. As well as telling your owner, you should check your home to make sure it’s safe to live in. Do the locks still work on all the doors and windows? Does the power and water still work?
Are there dangerous things that need to be taken care of? Take whatever steps you need to make your place safe for you and the people you live with, and tell your landlord if you need help or need to move out.
if you need to, file a police report.
The Insurance Information Institute says that you may need to file a police report as part of your renters insurance claim. If your losses were caused by a break-in, theft, act of damage, or something else bad, you should definitely file a police report. In these kinds of cases, most insurance companies will ask for it to help with the investigation. You may also need a police record for fires, explosions, and other dangerous events. For something like a broken pipe, you won’t need to make a police report.
From the insurance company’s point of view, the police record is there to prove that a crime happened and to back up what you said happened. When you file the report, write down the names of every police officer you talked to so that the claims agent from your insurance company can get in touch with them if necessary. When you file your renters insurance claim, you should also include a copy of the report.
Talk to your landlord’s insurance company.
The next step is to tell your renters insurance business that you want to file a claim. To speed up the claim, the insurance company will need the first information as soon as possible.
When you call your agent, be ready to tell them your insurance number and everything you know about what happened. Your agent can tell you how long you have to file a claim, what coverage you have, and if the amount of your claim is more than your deductible. The agency can also guess how long it will take to handle the claim.