ST. PAUL, MN -- Students heading off to college want to be sure their rooms look cool and that they have all the latest, trendiest furnishings and electronics. They should also make sure they insure all of these things. Renters insurance is an inexpensive way to protect students' stuff.
While most students living in a dorm room usually have their belongings covered under their parents' homeowners policy, there may be coverage limits for computers, televisions, and stereos. Students should consult their parents' insurance agent to guarantee that this electronic gear is fully covered.
Students who live off campus are typically no longer covered by their parents' homeowners insurance. These students should purchase renters insurance, which provides financial protection against the loss or destruction of your possessions when you rent a house or an apartment. Because in most cases, renters insurance covers only the value of your belongings, not the physical building, the premium is relatively inexpensive. It is typically $12 to $21 per month, based on location, quality, and quantity of possessions.
"The only people who don't need renters insurance are those who can afford to replace all of their belongings without help," says Al Parsons, Insurance Federation of Minnesota President and CEO.
By purchasing renters insurance, your possessions are covered against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm, and water damage (not including floods). Like homeowners insurance, renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, a family member, or your pet and pays legal defense costs if you are taken to court.
Renters insurance covers your additional living expenses if you are unable to live in your apartment because of a fire or other covered peril. Most policies will reimburse you the difference between your additional living expenses and your normal living expenses but still may set limits as to the amount they will pay.
There are two types of renters insurance policies you may purchase:
-- Actual Cash Value - pays to replace your possessions minus a deduction
for depreciation up to the limit of your policy
-- Replacement Cost - pays the actual cost of replacing your possessions
(no deduction for depreciation) up to the limit of your policy
With either policy, you may want to consider purchasing a floater. A standard renters policy offers only limited coverage for items such as electronics and jewelry. If you own property that exceeds these limits, it is recommended that you supplement your policy with a floater: a separate policy that provides additional insurance for your valuables and covers them for perils not included in your policy such as accidental loss.
Renters insurance policies cover one year and may be renewed at the renter's request. Also, if the renter changes residence, their policy can simply be updated with a change of address form and by notifying their insurance company.
Do an inventory to find out just how much money is tied up in that dorm room. Then talk to your insurance agent to find out what's covered, and what isn't, under your existing policies. Students should leave heirlooms, jewelry, or other irreplaceable items at home, especially during the first year when they are the least familiar with their surroundings and friends.
To guard against theft on college campuses students should do the following:
Always lock doors.
If you're going down the hall to the bathroom or to chat with friends, you should lock the door and keep the keys with you at all times.
Leave expensive jewelry at home.
Do not risk losing fine jewelry or other sentimental items to a thief.
Engrave electronic items.
Computers, televisions, and stereos should be engraved with your driver's license number and the state in which you live. This will help police track stolen articles.
Don't leave belongings unattended on campus.
A book-bag left unguarded in the library is a quick, easy target for thieves.
The Insurance Federation of Minnesota is a state trade association whose members primarily are Minnesota-based insurance companies. The Federation also sponsors the Insurance Help Line, which offers free answers to questions about insurance. Questions are taken 24 hours a day at (651) 222-3800 in the Twin Cities metro area and at 1-800-642-6121 in Greater Minnesota. You can also visit our website at: http://www.insurancefederation.org/ and click on the Insurance HelpLine link.
Additional sources: Insurance Information Institute
Source: Insurance Federation of Minnesota
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CONTACT: Michele Engdahl, Director of Community Relations, of Insurance
Federation of Minnesota, +1-651-228-7360, mengdahl@insurancemn.org
Web site: http://www.insurancefederation.org/
About This Release
If you have any questions regarding information in this press release, please contact the organization listed in the press release. Issuers of press releases and not TCI are solely responsible for the accuracy of the content.
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