Four Reasons for College Students to Get Renters Insurance

As another school year begins, many students will be moving into an apartment for the first time, which is an exciting time for both the student and the parents. When this transition happens, it is important to consider purchasing a Renters Insurance policy.

Renters Insurance is a type of insurance policy that protects your belongings in case of damage or theft. It also provides liability coverage in case someone is injured in your apartment or defense costs in the case of a personal lawsuit.

When college students are living in a dorm their belongings are likely covered under their parents’ homeowner’s insurance but once a residence is established away from school that coverage no longer exists.

Here are a few reasons why college students should purchase a Renters Insurance policy.

• It protects your personal property. If your belongings are damage or stolen, renters insurance will help you replace them.
• It provides liability coverage. It will help pay for medical expenses if someone is injured in your apartment or help defend you in a libel or slander case.
• It provides coverage for a temporary living situation. If your building is damaged and you need to live somewhere else during your lease term, the policy will pay for that expense and any other extra costs associated with moving.
• It is affordable. Renters Insurance policies are very affordable and sometimes required by the landlord of the house or apartment. Typically, a policy can be purchased for less than the price that a rental company or landlord will offer it for, and it could provide more coverage.

If you or your student are moving into an apartment or rental home for the first time this fall, please contact one of our local agents to make sure you are covered properly.

Products sold through First International Insurance are not a deposit, not insured by FDIC or any other government agency, not guaranteed by First International Bank & Trust, may lose value. Coverage is not bound until you have spoken to an agent.