The College Student's Guide to Renters Insurance

By Jordyn Austin on January 16, 2017

There are naturally many responsibilities that come with living in your own college apartment. One of these responsibilities includes getting renters insurance.

Most apartment owners, if not all, require their tenants to obtain renters insurance. According to the State Farm website, renters insurance helps to protect personal property that you own, because your landlord’s insurance does not cover your personal stuff. Nationwide‘s website mentions “renters insurance is a smart choice for safeguarding yourself in the event of theft, sewer backup damage, hurricanes and more.”

Renters insurance is very important for protecting your personal valuable items. Anything (i.e theft, fire, and water damage) can happen in the blink of an eye and you want to make sure you are covered. If you are new to this, it may seem quite confusing. Here are a few ways to make the process of obtaining renters insurance a bit easier.

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Ask your apartment manager/landlord

This tip is the most obvious because if the landlord requires renter’s insurance, then they more than likely have some suggestions on how to get it and where. They have experience from previous tenants and can guide you in the right direction. Some landlords may even have some insight on discounts and savings with certain companies. It never hurts to ask.

Get quotes online and compare

A simple search on Google brings up companies that offer renters insurance (i.e., State Farm, Progressive, Geico, Allstate, Nationwide). These well-known companies have thousands of customers. Go to each of their websites and get a quote, which will have you fill out some information and will provide an estimated price for renters insurance.

Do this with all the companies and it will help you see who has the best prices.

Because these companies are so well-known, you can find customer reviews about them as well. Read the customer reviews thoroughly to find out the pros and cons of each company. Customer reviews give insight on anything from poor customer service to hidden costs. It does not hurt to sift through some reviews and read about the good and bad experiences customers had with a company.

Take note of the coverage of each insurance policy

While you are comparing prices, be sure to look at the specifics of each policy. Each policy is different and some policies cover more than others. Before you choose, have a good idea about the damages a policy will cover. Do not be afraid to call and speak to an agent and have them explain the specifics to you. Their job is to give you information, so if there is anything you do not understand, call and get clarification. It is probably best to speak with an agent anyway because solely reading online can lead to miscommunication.

Each agent should give you accurate information and good customer service. Do not let them swindle you into purchasing anything before you’ve done your research, though, because they are still salespeople. Be sure to ask about any discounts they offer. Sometimes companies give discounts and offer savings simply because you are a college student. Ask and get information on everything that is available to you.

Call your car insurance company

If you already have car insurance, you could get renters insurance through the same company. The best part about this option is many times insurance companies offer “bundled packages.” These packages give you the option to combine your car insurance and renters insurance and oftentimes offer a discount for doing so. You can save time and money by using the same company for both policies. Since you are pretty familiar with your car insurance company, you might be more comfortable speaking with them about adding renters insurance as well. Special discounts are typically applied to bundled packages.

Choose the best policy for you

After getting quotes, talking to agents and researching the policies, it is time to pick the best policy for you. If you have very little personal property, you might be better off having the cheaper insurance with less coverage. Don’t be scammed into more expensive coverage, if you know the value of your property is far less. However, if you have a lot of personal property, you may need the best of the best to make sure you cover all of your property. It comes down to knowing the value of your belongings. This knowledge helps you decide which policy is best for you. Once you pick a policy, the agent signs you up. The agent then collects all of your information and eventually sends you a packet of information with your policy number, costs, and coverage information. File this information away in a safe place and take out when necessary.

Whatever you chose to do, remember that renters insurance is important and cost-efficient if you do your research. Opt to pay a total price instead of month-to-month payments. This saves you a lot of money, because when you pay month-to-month, insurance companies oftentimes charge monthly installment fees. Be well researched about the policies you choose and obtaining renters insurance is a piece of cake!

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