Recently, a local college had a fire in a student housing building in the early morning hours. Thankfully, everyone was able to vacate the building and no injuries were sustained. Unfortunately, 45 students were displaced and many lost most of their belongings. Because we live in a wonderful community, countless businesses and individuals stepped up to donate essentials to these students, but the whole ordeal got us wondering how many of these college students were covered by a renters policy and talking about why they should be.
While it is true that that some coverage does extend from a parents homeowner’s policy to the college student, it is ultimately subject to the homeowner policy deductible (which is likely at least $1,000) and that claim will follow the homeowner around, potentially causing an increase in premium and making it difficult for the homeowner to switch insurance companies.
If the student is covered by a renter’s policy the claim is still subject to a deductible, but in most instances a much smaller deductible than a homeowner deductible, and the claim won’t have the same kind of impact it does as a homeowner’s claim. Renter’s policies are relatively inexpensive and the peace of mind is well worth the money.
Take a look around your dorm room, imagine having only the clothes on your back and having to replace everything, down to your toothbrush. Do you, as a college student, or your parents have the resources to quickly replace everything you need to continue your education in the event of a fire?
Call us today to discuss your options for a renter’s policy.