Sarah is off to college, or maybe she’s been there a year or two. College costs, housing, books and such have been figured out. Things you didn’t talk about or maybe even think about are, “What happens if someone gets hurt at her apartment or what happens if her stuff gets taken?” These are real concerns in today’s world, concerns that someone should discuss with Sarah.
Sarah has been responsible all of her life, but things won’t always be in her control. Someone getting hurt at her place or a friend of a friend taking items from her apartment without asking, these are real risks for a young college student.
Before you go sitting her down for the ‘protect others that are visiting and protect your stuff’ talk, let’s take a look into how a renter’s policy works to protect Sarah and her personal belongings.
Renter’s Insurance is pretty simple once you think about it in the same terms as your homeowner’s policy. Homeowner’s Insurance covers the home, the people visiting it and your things inside it. Renter’s coverage is much the same, except that you are not insuring the home or apartment that you are renting (that is covered by the owner of the home or apartment through a landlord’s policy).
What does a Renter’s Insurance Policy cover then? Great question. Renter’s will cover the contents of your home or apartment and will also cover the liability that comes up when friends/relatives visit your apartment.
How do I know the proper limits on the risk of a friend being injured during their visit to my daughter’s home or apartment? First off, reach out to Key City’s insurance experts to guide you through this decision.
Next, let’s look at protecting Sarah’s stuff. Take the time to discuss the value of her belongings. If putting it all on paper is what works for you, then by all means use that method. Approach this calculation by placing a value on everything with the thought that a truck could pull up and empty her apartment, leaving Sarah to come home to an empty apartment. Next, once the policy is in place, have Sarah accept the responsibility to catalog her belongings through the use of pictures or video. This catalog can be useful, but is something we hope she will never have to use.
In review, let’s sit down with Sarah so she is equipped to understand that protecting family and friends is a key component of her Renter’s Policy, along with protecting her belongings.
If we can get her to understand these two coverages, chances are Sarah will learn a great lesson on reducing life’s risks through the use of insurance.