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Renters Insurance / Personal Property?
I am a college student and spend 9 months out of the year in an off campus apartment. I was wondering if anyone knows of cheap personal property insurance that would be good to look into to cover my personal stuff.
I looked around for renters insurance, but the few quotes online seem to all include building coverage. It seems that the apartment complex would have that covered as it's not mine. It's essentially rented like college apartments - there are three students all in the same apartment. We all have our own bedroom (with locks) and bathroom, but share common living space. It came prefurnished, so bed / dresser / desk / appliances are all owned by the complex as well, and they are required to maintain them as stated in the lease.
All I'm really concerned about is the stuff I've brought with me. I have a lot of electronic equipment and the value can add up quickly. I'd like some way to insure it against theft and the likes, but do not need coverage for everything else.
Renters insurance does NOT include building coverage. It includes your stuff. Minimum coverage limit is $15,000, and you should be able to get a policy for about $150 a year.
I had renter's insurance in Iowa while I was at college for $8/month with $10,000 coverage.
It's really easy, contact your local State Farm type insurance company.
All renters insurance should cover any personnel property that you bring into the apartment . It only covers what you list . if you want to go together and have your room mates chip in on the insurance and take pictures of everything that you all brought into the apartment you could . That wouldn't be advisable because someone always gets the check and takes off .Take pictures of everything you want covered , keep it in a fire proof box or send it home to your parents to keep . It's better to be safe than sorry . Geico has home owners insurance . If not them try Nationwide
Get insurance on EVERYTHING !
Renters insurance is designed just for your type of case. It covers only those items that you personally own and does not include the building or any contents that isn't yours. The suggestion to go together with your roomates isn't wise at all as only the named insured's property is covered. No insurance company that I know of will write a policy listing unrelated roomates as the named insured.
Check with a local insurance agent to get a quote. It shouldn't be very expensive, probably less than what you pay for pizza.
Renters insurance does not insure the building - it usually covers (a) your personal property and (b) a liability coverage for any damage caused by you. It is usually quite cheap - forget the online ads, see a local agent.
Under a Tenant's policy damage you do to your unit/building which you are liable for (and didn't intentionally cause) is covered under the liability portion of the policy.
A parent's homeowners policy usually provides coverage for a student's belongings up to 10% of the contents coverage limit on the parent's policy. Most likely that's not enough to cover the theft of your computer, television, stereo and sports equipment. A standard renters policy offering $15,000 in personal property coverage and often $100,000 - $300,000 in personal liability coverage can cost as little as $100 - $150 a year. Renters insurance is not only about protecting personal property, it also covers you for liability claims. If somebody gets injured IN your apartment, due to your negligence, not the landlord's then you would want to have liability coverage also.
You need to have your parents speak to their insurance company. Most homeowners policies cover the belongings of their dependant children off at school as long as they're enrolled as a full time student and are under the age of 24. If you don't meet this criteria, I would look into getting renter's insurance but only if you aren't covered under your parent's policy. No need to waste money if you don't have to.
You can get renter's insurance for fairly cheap depending on where you live. Most renter's policies will allow you to have coverage for anywhere from $10k-$50k worth of personal property and liability limits of $100k-$300k.
You seem to have an issue with the "building coverage" as you call it. I suspect it is the liability coverage and trust me you NEED and WANT that coverage. The coverage for your personal property is a secondary reason for getting renters insurance.
I am a claim adjuster, not an agent and I don't believe you can buy a renters policy just for your own personal property.
The IMPORTANT part of the renters policy is the liability coverage that protects you in case you screw up and burn down the building you are renting. If you screw up the liability coverage protects you from having to pay an insurance company for the building repairs. The liability portion of a renters policy can keep you from leaving college with more than just student loans to pay. Think about paying $300 per month to some insurance company if you are at-fault for damaging the building.