Make Good Choices..Get Renter's Insurance

As the season changes our mind shifts to football, fall weather and the holidays. Yet, things we have put on the back burner are still quite important.  Let's redirect our attention to college.  College is a time of immense freedom. While we can't protect our children from a lot of things, we can protect them from some things like theft and vandalism.

If anyone has been on Facebook lately, you may have noticed that Grand Theft Auto 5 came out last week. This momentous video game release is relevant two-fold—first, in the sense of the possession of the game itself, and secondly—erratic behavior.

• Renters Insurance: It covers a ton of stuff!

 Renters insurance is inexpensive—about $10 per month. 

It covers personal property like that brand new video game your son or daughter just spent $70 to buy, or textbooks, futons, laptops, mini-fridges and other furniture and possessions.  As a young adult, it is always a good idea to have renters insurance to protect belongings.  I love hosting social gatherings, but living in an apartment with high traffic is high-risk.  Even while always keeping an eye on my belongings, if friends of friends were over at my apartment, I found myself to be more and more concerned about my belongings.  As a college student with limited income, who has extra money to spend to replace items if damaged or stolen?

The same caution should apply in terms of personal liability.  Renters insurance offers this coverage in the event that someone is hurt in your rented home.  Don’t we all have one of those friends who consistently behaves boldly?  Perhaps Joe was not watching where he was walking and tripped on your cords to your PlayStation, causing him to fall and break his wrist.  Or, maybe he breaks his finger in your sliding patio door.  And, let’s be honest, folks, I think we’ve all heard of crazier situations at college gatherings.  Review these scenarios and your options with Jones Insurance & Associates to give yourself and your children the mental ease of knowing liability coverage will shield you financially from accidents.

Renters insurance is also important because it typically covers your possessions damaged by a fire.  Living in an apartment attached to several other units increases the risk of all damage, including fire. Often times landlord insurance only covers the physical dwelling; NOT the inhabitants’ belongings inside!

• Considerations for Renters Insurance:

Make sure your policy will move with you when you move.

See if your renters’ insurance policy covers your items if damaged while moving.

Make sure to add new, large purchases under your policy to keep the estimated value of your possessions accurate.

Correctly report everything to your insurance agent, such as roommates, the number of roommates, your address, and the number of units per building.

• Erratic driving: Switching “Gears”

Whether you buy into video games brainwashing America’s youth or not, there has already been a string of crimes surrounding the release of the video game.  The NewYork Post reported that three young men posed as cops to cut in line to purchase the game.  The Guardian reported that a man was stabbed and robbed of his recently purchased copy of the game.

All in all, Grand Theft Auto 5 demonstrates crude behavior involving the prevalence of drugs, profanity and theft.  Erratic behaviors could become more common, especially amongst college students living at optimum freedom.

• Are you covered?

Even if you aren’t a college student or do not have college-aged children, knowing the ins and outs of renters insurance will have a positive impact on your life.  For non-college renters, all of the above information still applies.  There is still a threat of vandalism, theft, fire, personal liability and accidental property damage within your home, so renters insurance is still highly recommended. 

One specific scenario we may not think about is the fact that in our culture it seems to be more popular for unmarried couples to cohabitate.  In these instances, the “tenant” does not have coverage under the homeowners’ insurance.   In order to be insured, the “tenant” must be a family member, spouse, or added to the insurance policy as an insured individual on the policy.

As consumers, it is our job to assess the coverage our families need.  Jones Insurance & Associates can provide quotes for a single type of insurance or several types of insurance.  Jones Insurance & Associates strives to consolidate your policies to provide you the best coverage for the best price.

Melinda Warren
Jones Insurance & Associates Contributor