Issue # 19– April 17, 2011
The Importance Of Renter’s Insurance
by: Sharon Kompalla, Center for Residence Life - Assistant Director
The recent fire that occurred in the Riverknoll apartments, and the significant loss of that resident’s personal property, is a good reminder that RIT encourages all campus residents to secure renters insurance or similar coverage to cover any loss or damage to their personal belongings.
It’s possible that your belongings are covered under your parent’s homeowners insurance, but this is a conversation you should definitely have with them and they should speak with their Insurance Agent and/or examine their policy to determine the limitations of their coverage. Some policies provide coverage if you are listed as a dependent on your parents' policy and live on campus, but you might not have coverage if you live off campus. Some parents encourage college-aged students to have their own Renter’s Insurance, as well as liability and other coverage in order to reduce their total risk exposure, particularly if their college-aged student has a history of claims or increased risk exposure. If you determine you are not covered under your parent’s policy, here’s some basic information about Renter’s Insurance:
Typically landlords have insurance on the building, and in the case of RIT, the actual apartments themselves are covered under the Institute’s policy; however, individual residents need to purchase insurance to cover their own personal property. This coverage is important in the case of:
· A guest injuring themselves in your apartment
· Water damage
Without Renter’s Insurance, you've got no coverage for personal property loss or damage. Fortunately, there are affordable Renter’s Insurance policies to protect you.
Often people think they don't have enough property to make a Renter’s Insurance policy worthwhile but think about the things you have in your apartment (clothing, furniture, a television and/or entertainment system, a gaming system, a computer, an iPod, musical or sporting equipment, and jewelry). If these were lost or stolen, how much would it take to replace these valuable items?
The cost of a Renter’s Insurance policy is largely determined by the total value of the items you want to cover. The best thing you could do is inventory your items, take pictures of each item, gather receipts and note serial numbers of any items if possible. Also you can use a variety of personal property calculators to help you estimate the value of your belongings. One provided by Geico is include here: http://www.geico.com/information/property-calculator/
Many companies provide online quotes for their polices and you may want to get a policy with the same company that provides insurance for your family but you can also contact some of the more well-known companies in the Rochester to obtain quotes. A few are listed below:
Once you obtain a policy, don’t risk being under-insured or without coverage because you mistakenly forgot to update your insurance when moving off campus or forgot to purchase insurance after you were no longer eligible for coverage under your parents' policy. Renter’s Insurance is inexpensive and easy to obtain - put your mind at ease and make sure you are covered!
For more articles from this issue, click here