Renters Insurance for College Students
Insuring your property and the safety of your visitors is important, and could be problematic for some young college students. To solve that problem, a basic renter's insurance policy will provide coverage for the problems that college students are faced with most often, including fire, vandalism, theft and burglary. College students need renters insurance for two reasons: liability and personal property. Liability insurance is what will pay for someone in your dorm or apartment getting hurt, and offset any damages sought in court. Property insurance covers all of your personal property. Since you are renting, not owning, the liability of the structures and insuring their worth is not your concern.
Property needs to be verified to be a valid insurance claim. To do that, the easiest thing to do is to make a video. Go from room to room, through the closets and opening drawers. Record everything in the room, and provide legible copies of the receipts for them as available. Do not forget to list personal property that is being kept outside of your room, or on another piece of property. When the video is complete, make a copy and send it to your insurance company, then store the original copy in a safe place. Update your home inventory frequently to include new purchases.
Liability includes bodily injury and property damage. However, this coverage is only for people other than yourself on the property. For your personal injuries, you should have a valid health insurance plan because home insurance, even renters insurance, does not provide for the medical care of policyholders. You should also review the limits of your policy and make sure that they are high enough to replace all of your belongings.
Parents who are feeling anxious about their offspring moving away to college might consider purchasing a renters insurance policy for their son or daughter. The kids may not appreciate such a gift now, but if disaster strikes they will be grateful to you for having the foresight to take the responsible steps.