What People Are Saying
Thanks for making it easy to find the cheapest renters insurance. Knowing our stuff is always protected gives me peace of mind.
Matt and Bethany, Charleston SC
UNIVERSITY RENTERS INSURANCE
University renters insurance is a smart investment for any student attending University. Regardless of whether you are renting a room on campus or are living on your own off campus, you want to be sure that your books, your computer, your clothes and your other belongings are protected. With University renters insurance, you can get complete protection, including contents insurance, liability coverage and loss of use coverage to pay for any damages or expenses that come with renting.
It is important to note that all University renters insurance policies are different. As a student, it is your responsibility to browse through the fine print and read what is precisely included in each premium. Be sure to compare the various policy, premium and provider options before accepting any University renters insurance quote.
Student Renters Coverage Types
There are three main types of renters insurance, all of which can be useful for the University student. Contents insurance will pay for any costs incurred to the moveable objects in your rental townhouse. This includes things like your furniture, your books, your computer, your electronics and your clothing. You can choose the different coverage levels and limits depending on how valuable your stuff is.
Loss of use coverage will pay for any moving expenses if your rental apartment is made unlivable, similar to landlord renters insurance. This is an excellent option for anyone going to school away from their family. After all, if you are 1000 miles away from your parents and your condominium is completely damaged, then you may have to spend a small fortune on hotel fees for the next month. With loss of use coverage, however, you are compensated for these expenses.
Finally, physical liability protection is another excellent type of renters insurance for University students. This type of coverage will pay for any costs incurred in the event of a serious injury in your loft. Renters are responsible for the safety of their guests. What this means is that if someone falls off your balcony at a student house party and is seriously injured, you could be looking at a lawsuit. With physical liability protection, your provider will pay for any legal fees or medical expenses incurred in the event of a serious injury or fatality on your rental property. This is smart thing to have, especially if you plan on throwing a few college parties or hosting a few study sessions....
The level of coverage you want will depend on a number of things - where are you renting. Are you renting in a seedy part of town, on campus, off campus? What type of home are you renting? Are you living in a dorm with several other students or are you renting a loft on your own? Are you in an upper class condo or are you looking for a party off campus house in the suburbs? Are you renting in a state that experiences hurricanes, tornadoes, earthquakes or other disasters? You should consider all of these questions when comparing University renters insurance. After all, you do not want to be stuck with a University renters insurance policy that is inadequate for your needs.
University Renters Insurance Costs
Renters insurance is relatively inexpensive. University students can expect to pay anywhere from $10 to $20 for comprehensive coverage, depending on what state you are attending school and what rental property you are living in. However, there are several ways to lower your premium even more. You can consider the different premium options including actual cash value or replacement value. While replacement value will pay for your things without considering depreciation, actual cash value will consider depreciation. What this means is that you can also expect a much lower premium when you insure under an actual cash value policy.
You can also lower your annual premium by looking into higher deductibles. Your premium is the amount you pay each year for insurance and protection while your deductible is the amount you pay if you ever need to make a claim. The higher your deductibles are, the lower your premium will be.
Do I Need University Renters Coverage?
Many students assume that they do not need to worry about their coverage. After all, if something does happen and your books are ruined, then you can always go to the Bank of Mom and Dad for a loan. Or, you can always phone up your family or senior citizen relative to crash on their couch for the time being. Attending University is all about furthering your education, bettering yourself and gaining independence and responsibility. Although University renters insurance is not mandatory, it is one of the easiest and most effective ways to take responsibility for your things and plan for the future. Although you never expect to have to use your University renters insurance, you do not want to be caught without it.