Few things are more exciting for a young adult than graduating from college and moving into their own place. However, in the midst of buying new furniture and unpacking boxes, many neglect to purchase renters insurance or dismiss it as an unnecessary expense. If your child recently graduated and is transitioning into a rental space, have them consult an insurance agent about acquiring adequate protection. Here are a few reasons why they need coverage. 

Why College Graduates Should Purchase Renters Insurance 

Renters Aren’t Covered by Their Landlord’s Insurance 

Tenants are frequently under the impression that they are covered under their landlord’s policy, but insurance agents know this is not the case. Landlords have policies designed only to cover damages to the building. This means all of a tenant’s belongings would not be covered in a disaster, and they would have to pay out of pocket for repairs or replacements. 

Renters Often Have More Valuable Assets Than They Realize 

Another misconception many college graduates have is that their possessions aren’t valuable enough to insure. However, once an insurance agent starts adding up everything to include in a policy, renters are typically surprised at how much their assets are worth. Furniture, appliances, electronics, and clothing are all items that renters insurance would replace if they get damaged or stolen.

Renters Are Vulnerable to Liability Lawsuits

Another vital aspect of renters insurance is the protection it provides against liability claims. If a guest gets injured while visiting a tenant, for example, the apartment renter could be held financially responsible for the resulting medical expenses. The liability coverage in a renters’ policy would pay for this, as well as any legal fees or judgments incurred from a lawsuit. 

Renters insurance is one of the most affordable types of financial protection available, which allows it to easily fit into the budgets of college graduates. An insurance agent from Alcorn Insurance Agency, Inc. can help your child explore all their coverage options and find a policy suitable for their needs. With more than 35 years of combined experience, they have offered countless residents in and around Chama, NM, high-quality products at competitive rates. Call (575) 756-2197 to speak with a knowledgeable agent, or visit their website to request a free quote.