With school beginning next month, many college kids will be moving out of mom’s house and into your own place. As of August 1, the apartment or home you’re renting will be yours. Here at Central, we want to make sure that you take all the actions necessary to protect your belongings with renters insurance. Here is some information on how renter’s insurance works, and what is covered if something were to happen.
Why do I need renter’s insurance?
When living in an apartment complex, or with roommates, there are some things that are out of your control. While it may not be your fault if a roommate leaves a door open or someone is being careless in the kitchen and starts a fire, you may still be left to suffer the consequences. While no one plans on these events occurring, they do happen. The purpose of renter’s insurance is to insure your belongings if the unthinkable happens. Renter’s insurance protects your personal property if someone breaks into your apartment or home. It will also protect you if there is damage done to your propterty as a result of a fire or some other disaster. Another benefit of renter’s insurance is that you can purchase liability coverage for damaging the landlord’s property, so that you are protected if you are found responsible for damages, such as starting a fire. If you plan to live in the dorms, have your parents check with their agent to see if you will be covered. Your parent’s homeowners policy may cover your belongings.
What is covered by my insurance?
The purpose of renter’s insurance is to protect your belongings, but not the structure you’re staying in. Your personal items, such as clothes, as well as electronics and furniture, will be covered. If you have a roommate, their things will not be covered by your policy and your belongings will not be covered by their renter’s insurance. To be clear, each renter needs to have their own policy if they want coverage. If you already have renter’s insurance and this has you wondering about your own coverage, we recommend consulting with your agent to verify.
What should I look for when comparing renter’s insurance policies?
As you do with anything you buy, you will want to compare prices, but there are several other things to consider as well. One of those includes the amount of the deductible. The deductible will vary by the term of the policy. Something more you will want to explore is the limit of the policy as well as the ability to add more protections to your policy. If there are certain features you are interested in, ask your agent how they can help tailor a policy to fit your needs.
Update: Central National Bank no longer offers Insurance services from an in-house agency, but you still have access to an agent in many of our locations. We’d be happy to refer you to an agent who can provide assistance. Call your local branch and ask, today!