Is renter’s insurance necessary or a luxury for students living away from home?

Renters Insurance for College StudentsThe back-to-school season is upon us and college students across the country are moving into their new homes for the coming school year; a process that involves expensive personal possessions, such as computers, electronics, bicycles, clothing, and other personal items that would be costly to replace though they are highly prone to damage or theft.

While some students already have protection through their parents’ homeowners insurance, many policies will not cover students who aren’t living on campus. That said, many tenants fail to realize that their property is not covered – or that it is at any serious risk at all.

A study performed by the Insurance Research Council showed that in 2006, only 43 percent of renters in the United States had insurance to cover their possessions.

According to an agent for State Farm Insurance, Brandon Walter, who serves a number of neighborhoods across Minneapolis, some of the lowest renters’ insurance rates in the country are found in Minnesota. He explained that “Renters’ insurance is a simple, inexpensive way to secure your property.” He also added that tenants should be aware that the policy held by the landlord only covers the land and building, and not the contents that belong to tenants.

Manager Nic Puzak from Cardinal Properties in Dinkytown stated that renters in duplexes and multi-bedroom houses can expect that they will experience some form of loss or property damage at some point. He said that there is greater security in small apartment buildings and that it is much less likely that there will be major issues in that type of home.

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