From lower monthly rates to more space, renting a place off-campus has many advantages for college students. But despite these benefits, apartment living will always present risks—including those that are out of your control. Fortunately, having renters insurance gives significant peace of mind so you can enjoy independent living and focus on studies. If you’re curious about this option, here are a few specific ways that renters insurance helps college students.
3 Benefits of Renters Insurance for College Students
1. Protects Against Legal Action
If someone gets injured outside of the property—such as in the common area of an apartment building—the owner’s insurance should cover the damages. However, if you have a visitor inside your apartment that gets hurt, you could be liable. This liability can hold up even if the accident wasn’t your fault—such as those that occur during a party.
Similar to home insurance, renter policies cover these liability charges. For example, if an injured guest decides to file suit for medical damages, your plan will cover these expenses up to a certain amount. It should also pay for related legal fees.
2. Safeguards Property
A landlord or property management company will likely have insurance that covers the physical structure of the building, but not your property. So if a break-in, fire, or plumbing leak occurs, you might find that your valuables are damaged. For college students, this can mean ruined laptops, textbooks, furniture, and other expensive supplies.
Renters insurance helps cover the cost of replacement for these belongings. But if you don’t have it, you will have to pay out-of-pocket.
3. Covers Emergency Expenses
If a fire, plumbing leak, or covered natural disaster makes your apartment unlivable, you will need another place to stay. Unfortunately, finding available sublets in the middle of a semester is tough, and getting a hotel room is expensive—especially on a college student’s budget.
Renters insurance policies offer coverage for emergency living expenses, so you have a safe, comfortable place to stay until the landlord fixes your residence. For example, this benefit can cover the cost of a hotel stay, gas, food, clothing, and other daily essentials you might be missing while your home is off-limits.
While renters insurance offers several benefits to college students, many will avoid the coverage out of fear that it costs too much. That’s why Stautberg Financial Group helps clients find budget-friendly plans that don’t compromise on coverage. Whether you need a renters policy or auto insurance, this trusted agency of Cincinnati, OH, will provide support so that you can take on your college years with confidence. To learn more about their affordable and personalized solutions, visit this insurance company online. For quotes, call (513) 821-6300.