Your average college student, living off of packs of noodles and caffeine, has no idea of the necessity of renter's insurance. Typically students are utterly unaware of the costs invested in their personal possessions like textbooks and laptops. Most would also mistakenly assume a policy to be too expensive. The truth is that renter's insurance is considered very cheap, especially in comparison to the costs of replacing belongings.
For less than the price of a large pizza, students can insure their apartment or dorm for an average of just $10 a month. This small investment is nothing in comparison to the price of replacing items that have been damaged or destroyed, lost or stolen.
Renter's insurance covers all possessions, from calculators and textbooks to gaming systems and furniture. Policies even provide protection to your belongings when the student is not home.
Renter's insurance branches as a shield to also cover the most basic in student modes of transportation such as bikes, skateboards or scooters.
With a renter's insurance policy, you can also find comfort in knowing you are guarded from personal liability if someone were to get hurt in your apartment. This even includes coverage for medical expenses or lawsuits. Plus some offer policies to insure your safety from identity thieves which comes in handy for loads of college students that apply for credit cards.
A policy's reimbursement guidelines are dependent on which type of coverage you carry. Generally there are two kinds of methods in the refund process. ACV or "actual cash value" reimburses you for what your personal items are actually worth including depreciation. However RCC or "replacement cost coverage" reimburses you (with limits) for the replacement cost of your item without factoring in its depreciation.
Students should carefully scour dorms or apartments while writing a detailed comprehensive inventory of personal belongings. With prices, serial and model numbers included, you may also want to snap a few photos to store off-campus in a secured location for documentation.
Your estimated value calculated for your possessions is also vital being that this is the total amount of insurance you need to cover the costs of replacing these items in the event of a loss.
Most policies will offer extended coverage to others living in the residence, so consider broadening your coverage to your roommates. Also it’s always beneficial to look into an anti-theft device or security system for your apartment or dorm.