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Home How to Buy Renter's Insurance Getting the best renters insurance for college

Getting the best renters insurance for college

Most college students spend their first year in the school's dormitory, but as soon as they have the means, they seek out their own apartment, either alone or with a roommate. This rite of passage comes not only with the troubles of finding an apartment in a safe area with a low rent, but there are other considerations the college student must make with his first apartment. Perhaps one of the most important, if not most overlooked is getting the best renters insurance within a tight student budget.

Apartment renters, whether they are in college or not need to be sure to protect their property by preventing its loss in the first place and insuring it against loss if it is stolen or damaged. The Bureau of Justice Statistics Crime Characteristics found that renters were more likely than homeowners to experience crimes on their property. These included theft, burglary, and motor theft. Many apartment dwellers, especially college students away from the dorm for the first time, believe that the landlord's insurance on the apartment will repay them if their television or laptop computer is stolen from or damaged in their apartment, but the homeowner's insurance will only cover damage to the building, not to the personal possessions of the renter. College students need to get the best renters insurance by seeking out a number of quotes for their local area on the Internet.

Most college students will only need the most basic of coverage, but they should take a careful look at the coverage of the policy. If the set deductible is too high that they would not be able to gather that money in an emergency, then it should be lowered. The lowest deductible possible will allow the college student to be able to get some benefit from the insurance in the rare chance that it is needed. Since they have tight budgets, the total dollar amount of the items inside of a college apartment are much less than in that of an adult. It is rare for someone with thousands of dollars in tuition and books to pay to be able to afford a $5,000 flat screen television. The most expensive thing owned by many in college is their indispensable laptop computer. These often cost around $1,000, but if the deductible is only $500, the student would only have to pay half of the price for the computer.

The best renters insurance will pay the replacement value. For theĀ  lost computer this would repay the student the amount to purchase one of the same type at the current market price. Some insurance policies will only pay cash or depreciation value. This takes the age of the item into account and subtracts it from the original purchase price. If the $1,000 computer is now only worth $300, the student would not get any money from insurance, if he had a $500 deductible. This is because the insurance company would only pay $300, but since it is lower than the deductible, the student must pay for the computer himself.

College students need the best renters insurance for their personal needs. Low deductible, replacement value, and basic coverage will ensure that the student has the best protection possible for his personal items inside of his apartment. It is wise to always discuss any specifications of an insurance policy with an agent to verify that the policy desired is the best renters insurance for that person.