Renters Insurance Coverage

Renters Insurance and College Students.

If you reside on-campus in a dorm, your parents' homeowner's policy will likely still cover you,
while they should consult their insurance professional to make certain that is the case. In the event you call an off-campus apartment home, you most likely won't be covered by your parents' homeowner's insurance policy. Your landlord's insurance will only cover the building, not your belongings.
In this instance, you'll need to consider protecting what you own should it be burned up, stolen or carried off by a tornado or flood. You should look into acquiring renter's insurance to protect your
personal belongings. Renter's insurance also protects you in the event a person is injured while on
your property.
When you are determining just how much coverage to get, there are a couple of terms you need to know- actual cash value and replacement cost. Say your five-year-old Television is taken from your apartment. An actual cash value policy gives you what a five year- old TV is worth today. A replacement cost policy gives you the amount it requires to purchase a new TV of the same kind and quality, once you buy the new TV and submit your receipts. Premiums will be greater for replacement cost coverage.

The price of renter's insurance differs depending on a number of factors, including:
Building. Apartments inside a structure that's new, fire-resistant, and equipped with safety features
such as smoke detectors and deadbolt locks get better rates.

Location. High-crime locations with a greater potential for theft will lead to greater premiums.Same thing with areas prone to natural disasters.
Amount of coverage and also the amount of deductible you choose.

Other things to keep in mind:
• You could have to acquire a rider to increase your coverage to incorporate costly things like jewelry or electronic equipment.
• It's useful to prepare some type of inventory before you have a loss. Write down all your major
possessions and hold all receipts of your purchases. Taking pictures or videotaping your
belongings is another good idea. Keep your inventory record in a secure place, like a fireproof
safe, or give it to your parents to keep off premises.
• Flood damage is not included in basic renter's insurance. To protect against damage caused by
flooding, you'll need to buy a flood insurance policy. The agent who sold you your renter's
insurance policy should be able to help you with this.
• Some companies might permit roommates to acquire an insurance policy together; some may not.
Check with your insurance agent to determine what options are available.



Get additional information on Renters Insurance @ Monument Commercial Insurance Agency.