Here are some commonly asked renters and student insurance questions (FAQ-like) that most students ask when renting an apartment or room to keep them safe for a school year.
With regards student insurance:
How much does it cost?
The coverage is great and it doesn’t just insure your stay, they can even cover your properties. Renters insurance help protect your possessions, especially your prized textbooks for just $10 a month on average. Well that’s already thrifty considering your love for late-night pizzas and the cost of replacing those items in case they’d be stolen, damaged or lost.
So what does it usually cover?
Aside from books which are obvious stuffs a student must have, renters insurance policies typically cover a number of mundane things for students you wouldn’t even think can be insured. Graphing calculators, televisions, skateboards, scooters, bicycles and even a futon can be covered! Other more expensive tools such as smarpthones, gaming consoles and computers can be included too. Personal liability is also in play as when you hurt someone while using some of them, renters coverage can help pay for any medical expenses and potential lawsuits. As noted on squareoneinsurance.ca, they can even protect you from risks of identity theft too!
How renters insurance reimbursement processes work?
Well, it depends on what type of coverage you opted for. Reimbursements are usually done by cash or actual replacement of the intended item. Commonly used terms are ACV (reimbursement for exact possession’s worth factoring depreciation), RCC (limited compensation regardless of depreciation). And since depreciation is cut out of the picture, RCC premiums tend to be a bit more expensive than ACVs.
With regards renters insurance:
Can I use my parents’ homeowners insurance?
Those under the age of 26 are still typically covered by this so while you’re in college, you don’t really need to ask for it. Those older than this age and live at off-campus sites, then your folk’s homeowners insurance can’t cover for your own hide. It’s always better to discuss it with them personally so you can check what coverage can they extend to you. Also inspect how that policy can adequately cover you even if you’re far away and don’t rely on it much as your limit will always be lower than theirs and not enough to cover all of your stuff.
Is renters insurance available for students living in dorms?
College dorm rooms are fun but too unpredictable, something, that insurance companies don’t rely upon. Most, if not, all of them do not cover them. Go check with your parent’s existing coverage then.
Can my policy be inclusive of my dorm-mates?
Only if that roommate is your legal spouse, domestic partner and member of your family. If not, they should have been previously added as an insured party in case you live off-site.