College students living in dormitories or apartments often think they don’t need renter’s insurance. They may tell themselves “nothing will happen” in the short time they are there, they don’t own enough property, or they can’t be held liable for damages or injuries from accidents like overloaded circuits or guests that fall from broken chairs.
Unfortunately, anyone over the age of 18 can face charges of negligence for accidents and property damage, particularly if your furniture or appliances are involved. Icemaker lines flood floors and downstairs apartments. All those electronics you treasure can overload a circuit, causing fire. Your school or landlord will certainly expect you to remedy any damages you cause to the building. How will you pay while so much of your income is going toward tuition, books and lab supplies?
The fact is, disaster strikes so randomly and unexpectedly no matter where you are. No matter how short-term, you need a plan and provision to deal with the crisis smoothly and limit upheaval in your studies, not to mention your social life.
Few students consider where they would stay if their room were not available due to fire, flood or wind storm. What if your dormitory was closed due to an act of violence? Sure, the dean might find a space to line up cots in the gym, or you could crowd in with a friend in another dorm. With a decent renter’s policy in hand, though, you could book yourself a hotel room until your home becomes available again, and be reimbursed for extra transportation, meals and even emergency clothing and toiletries.
Renter’s insurance helps replace damaged and destroyed items, from clothing and personal belongings, to computers and books needed for your studies. It will also cover items in your car in some instances, as well as things lost or damaged on road trips.
You may think you don’t own anything of value, but take a look around you. If you had to replace your entire wardrobe, including jewelry, what would it cost? How about your health and beauty supplies and appliances, rugs, sheets and towels? Add in any other appliances, such as PC, laptop, TV, IPod, fridge and microwave, and any furniture. How about sports equipment, books, media and school supplies?
Since most students only work part-time, if at all, money is seldom available to cover a major loss and you may not even be able to stay in school without necessary items like books and computers.
The truth is, you probably have thousands of dollars worth of goods that enable your lifestyle. Renter’s coverage can make the difference in keeping the college dream alive, should a disaster strike.