08/05/2020: Does Your Student Need Renter’s Insurance?

With colleges and universities opening up and students going back to school, renter’s insurance is an option for you and your student. It may be required for off-campus apartments and would protect your personal items in the event of a fire, smoke damage, a storm with high winds, lightning or hail, vandalism, theft, and a few more issues you may encounter.

Renter’s insurance in Indiana is less expensive than in other states and depends on the value of your belongings you want to insure, how much liability (costs you may be legally responsible for) you want to carry, and medical coverage for visitors.

Personal property coverage:  A renter’s insurance policy will cover costs to replace your personal belongings, like your furniture, electronics, computer equipment, your clothes, jewelry, and appliances. Basic renter’s insurance will reimburse you for the loss of property (up to your policy’s coverage limit) if destroyed, damaged, lost or stolen in any one of the following 16 different events:

  • Fire and lightning
  • Windstorm and hail
  • Explosions
  • Riots
  • Damage by aircraft
  • Damage by vehicle (not your own)
  • Smoke damage
  • Vandalism
  • Theft
  • Volcanic eruption
  • Falling objects
  • Weight of snow, ice, sleet
  • Damage from steam-heating/water-heating appliances/systems
  • Leakage or overflow of water or steam
  • Freezing of plumbing, heating, air conditioning
  • Short-circuit damage caused by electrical appliances

Renter’s insurance can also cover property when it’s not even in your home, like if your laptop is stolen while you’re on vacation; since it’s considered insured property, it’s still protected whether it’s inside your dwelling or not.

Personal Liability coverage and medical expenses:  A renter’s insurance policy will also cover costs you may be legally responsible for paying if someone is injured in your apartment. If someone slips, falls and is hurt on the premises, or if your overzealous dog or cat bites a visitor and sends them to the ER, your policy’s personal liability and medical coverage will cover the cost of potential medical bills.

If that person decides to sue you for their injuries, your liability coverage will pay for some legal expenses that you accrue from the lawsuit.

A renter’s policy can protect property damage to others that you’re deemed liable for. If a broken pipe in your apartment flooded your neighbor’s residence below, your insurance policy should cover damages to their property.

Loss-of-use coverage and Additional Living expense: If your residence is uninhabitable, renter’s insurance could cover the cost of temporary lodging, along with meals if there is no kitchen available.

Other losses you may not have thought of: Renter’s insurance also protects other losses like credit card or bank forgery, other people’s property you borrowed, or even possibly your property in a storage facility or in your car.

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Excerpts from Policygenius.com