Most college students are too busy cramming for the next test to even think about what would happen if a fire or a thief robbed them of their possessions. But, in reality, such a loss could be devastating. The average renter in America owns about $20,000 worth of personal belongings. College students’ assets are typically worth less than the national average, but their value can still add up to a large sum when you account for furniture, electronics, appliances, clothing etc.
In the event of a total loss, even $5,000 would be hard to cover on a shoestring college student budget. But, for a low monthly premium, renters insurance offers valuable coverage so students can focus on their studies, without as much financial worry. Renters insurance policies generally cost less than $200 per year, which adds up to under $20 per month. Budgeting for this coverage means that your belongings are protected against a variety of losses, along with the liability coverage that accompanies many renters policies.
Liability coverage protects you from the expenses associated with a visitor suffering an injury or property damage while in your rental unit. Just one trip to the emergency room can cost much more than your annual renters insurance premium, making the policy a worthwhile financial decision. Some policies may even cover the cost of temporary housing if your rental unit becomes uninhabitable for a period of time due to a covered event.
Often, people think that it’s the landlord’s job to provide coverage, but this is simply not the case. The landlord is responsible for insuring the building structure and common areas, but you are responsible for insuring the personal items within your unit. Some landlords even require their tenants to provide proof of renters insurance.
Whether you front your college kid the cash or he/she works for it, be sure to explain the value of renters insurance. After all, who wouldn’t want one less thing to worry about?
Get coverage today. Call Pro Player Insurance Group at (954) 316-4662 for more information on Fort Myers renters insurance.