Tenant insurance is one way for college students to protect their property and belongings while living in an apartment throughout their college years.
Renters insurance is insurance that anyone renting a house, condo, or apartment can have to protect their property in the event of fire, flood, theft, or other circumstances. Landlords do not provide renters insurance to renters. This puts the responsibility of insuring their items into the tenant’s hands.
Chris Sestak, managing attorney for Kent State University’s Student Legal Services, says renters insurance not only covers your belongings, but it can also protect your personal liability. Personal liability refers to the liability of the lessee in the event of injury to others or damage to the rental property. As long as your renters insurance plan can cover you, you can be covered.
“In many cases, if a student does not have insurance, the apartment insurance may pay for the damage, but that insurance company will track down who caused the damage,” Sestak said. .[The apartment’s insurance company] I want to make sure there is actually money and a source of liability that is dragging on another policy.
Sophomore Spencer Appell, a computer engineering major, lives in an off-campus apartment complex near the Kent area, where he insures his personal belongings with renters insurance.
Appell said he called the insurance company after consulting with a trusted adult about the best insurance company and policy.
Insurance companies such as Progressive, American Family and Nationwide all offer insurance for renters. The Student Legal Services “Tips for Tenants” web page says college students should check with their parents’ insurance companies first.
A parent’s insurance company may provide coverage for a child who is temporarily living away from home. That was the case with Appel, who was able to get his parents’ insurance to cover his belongings in the apartment.
“The more policies you have in one company, the cheaper it will be,” says Sestak. “Good policy is by existing policy with people you trust.”
Once the tenant’s insurance policy was approved, Appel submitted the appropriate documentation to the apartment complex to prove it was insured.
“I wanted to cover the damage to the property where I live,” Appel said.
If a student is considering living in an off-campus apartment complex like a college The Edge or Paloma website, formerly known as Latitude, provides information for renters to purchase insurance. Their website states that renters must have renters insurance in case of flood or water damage, fire or theft.
Tenants should check in advance what is included in the lease agreement and whether the location they are renting includes insurance in the agreement, Sestak said.
The University Edge website states, “Indemnification for your personal property is not included as part of the lease agreement. Renters insurance is not required, but is highly recommended.”
Paloma’s website has a brochure for residents interested in purchasing renters insurance through PeakMade Real Estate, providing general financial and coverage information, as well as the ability to submit a claim now. I’m here.
According to the Student Legal Services website, the more expensive policy pays to replace the renter’s belongings, while other policies give the renter the cash value of the item when the item is destroyed. You may be
Student legal services are not permitted to select or offer plans for students, Sestak said.
“You can tell them what it is, why it’s important, and the implications of including it in the lease,” he said.
NerdWallet, a personal finance company, said the national average monthly cost of renter insurance in 2022 will be $15. The average monthly cost in Ohio in 2022 is $17, the website says.
Sestak said the more valuable your property is, the more expensive the plan you can get.
Avoid “shady” coverage options on renters insurance and find a plan from a “legitimate” company, he said.
“Rentee insurance is generally affordable and can cover your property and valuables,” Sestak said.
Anthony Zacharyasz is a reporter.please contact him [email protected]