Renters Insurance Rates

Renters Insurance and College Students.

If you live on-campus in a dorm, your parents' homeowner's insurance policy will probably still cover you,
although they should consult their insurance agent to make sure that is the case. In the event you call an off-campus apartment home, you probably will not be protected by your parents' homeowner's insurance policy. Your landlord's insurance will only cover the building, not your belongings.
In this instance, you'll need to consider protecting what you own if it is burned up, stolen or carried off by a tornado as well as flood. You should look into purchasing renter's insurance to safeguard your
personal possessions. Renter's insurance also safeguards you in case someone is injured while on
your property.
When you are determining how much coverage to get, there are a few terms you need to know- actual cash value and replacement cost. Say your five-year-old Television is taken out of your apartment. An actual cash value policy gives you what a five year- old TV is worth today. A replacement cost policy gives you the amount it takes to buy a new TV of the same kind and quality, once you buy the new TV and submit your receipts. Premiums are likely to be higher for replacement cost coverage.

The price of renter's insurance varies depending on several factors, including:
Building. Apartments inside a structure that's new, fire-resistant, and equipped with safety features
like smoke detectors and deadbolt locks get better rates.

Location. High-crime areas having a higher potential for theft may result in higher premiums.Same thing with areas susceptible to natural disasters.
Amount of coverage and also the amount of deductible you choose.

Other items to keep in mind:
• You may have to acquire a rider to increase your coverage to incorporate expensive things like jewelry or electronic equipment.
• It's helpful to prepare some form of inventory before you have a loss. Write down all of your major
belongings and hold all receipts of your purchases. Taking photos or videotaping your
possessions is another good idea. Save your inventory record in a secure place, like a fireproof
safe, or give it to your parents to keep off premises.
• Flood damage will not be covered by basic renter's insurance. To protect against damage brought on by
flooding, you'll need to buy a flood insurance policy. The agent who sold you your renter's
insurance policy will be able to help you with this.
• Some companies may permit roommates to acquire an insurance policy together; some might not.
Check with your insurance agent to determine what options are available.



Get additional information on Renters Insurance @ Monument Commercial Insurance Agency.