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Renters Insurance: Why College Students Need It

Duluth, GA, August 10, 2011 - There are two big myths about renters insurance. One is that it’s expensive and the other is that it’s unnecessary.

Not having renters insurance is a pretty big gamble. Without it you face the cost of replacing your personal belongings after an event such as fire or theft. What’s more, you could face the prospect of defending yourself in a lawsuit because of some accident for which you might be held legally responsible, whether it happened where you live or elsewhere.

“In many cases, for less than a couple hundred dollars a year you can protect your personal property from loss by fire, theft, wind and water damage or other covered hazards,” State Farm spokesman Justin Tomczak said. A survey conducted by Cambridge Reports, Inc. for the Insurance Information Institute found that less than 30% of renters purchase insurance.

A few things to keep in mind:

• Renter’s insurance is inexpensive. For about the price of buying a pizza once a month, a customer can obtain a renter’s policy for a year.
• College students can file claims on their own policies and avoid claim surcharges on their parents’ policies.
• A renter’s policy is a great way to build tenure with your insurance provider, which can lower future homeowner’s premiums.
• Renters insurance offers liability coverage.

Many students mistakenly believe their landlord’s insurance will cover their belongings. Unfortunately, it is extremely rare for a landlord’s policy to extend to tenants’ property. Remember, you may not own the building in which you live, but you still need to have insurance to protect your property in the case of fire, theft or other unforeseen events. Talk with your insurance agent to find out more about renters insurance.

Contact

Roszell Gadson, State Farm Insurance, at (770) 418-5940.