Renter's Insurance and College Students

I'm Off to College -- I've Got My Laptop, My Books, My Music ... and Renter's Insurance

School is in session again. Perhaps this is your first year in college. Perhaps you are resolutely heading back for year seven. You may be living in a dorm or you may be sharing a fourth floor walk-up with a few friends. Like many students you may be surviving on two part-time jobs, maybe some help from your parents, and quite possibly a fair amount of student debt.

It would be understandable if renter's insurance is not at the top of your budget priority list. But if you do have possessions that you would be hard-pressed to replace from your own resources: a computer, a printer, maybe some gaming equipment, not to mention those impossibly expensive text books, your clothing, and the other miscellany of university life, then you might be wise to invest in renter's insurance.

This would protect you in case of theft, fire (from the neighbor's hot plate that was left on all night), water damage (from that toilet down the hall) or vandalism of your possessions. The costs can be surprisingly low. And you will be able to choose replacement cost coverage (that would reimburse you for the initial cost of your possessions) or actual value coverage (the value of your possessions at the time of loss). Some policies will also cover food and housing expenses while your apartment is unavailable. Finally, you might also purchase liability coverage in case of injury to a visitor or guest. You can choose a policy that addresses your needs and your budget.

Parents who are covering the cost of housing might also want to look into renter's or personal possessions insurance for their college bound sons and daughters.

Alex Pfeifer
Pfeifer Insurance Brokers
650 762-8087
alex@pfeiferins.com

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