Times have definitely changed. People used to head out to school with a compass and an emergency phone number, but these days the first things loaded into backpacks are cell phones, laptops, iPods, and other electronic devices that are deemed necessary by today’s youth.
When young adults head to college their packing list is generally related to the newest gadgets on the market. However, many students forget one of the most important things, which is renters insurance.
Most young people are in tune with today’s technology and own a multitude of electronic devices to keep them entertained, but they forget about insuring them against things such as fire, theft, and natural disasters. This also goes for their furniture and clothing.
The chances of losing your possessions may seem pretty remote, but there’s always a possibility and you can’t rely on the landlord’s property insurance to cover your personal belongings. This goes for students living on campus too.
It’s also recommended that you check to see if the coverage is for replacement cost or the cash value of the items that go missing or are damaged. Policies that pay cash value will reimburse you for what the items were worth at the time they went missing or were damaged.
For instance, an appliance that cost $1,000 a few years ago won’t be worth that today according to most insurance companies. They will usually pay what they think the old one was worth, and subtract the deductible from it too.
But if the insurance policy covers the replacement cost, it means you’ll get what it costs to replace the missing or damaged items, minus the deductible of course. Therefore your $1,000 television set will be replaced by a brand new one, no matter what the cost is. While this type of insurance appears to be the best, it will cost a little more in premiums.
The best thing to do when buying insurance is to make a list of everything you own, write down the serial numbers, and take photos of them if possible. Keep a record of everything and store it in a separate place. When buying something new, make sure you keep the receipt.
If you’re interested in renters insurance, remember the amount you pay is determined by several factors, such as where you reside, the insurance company, the amount of deductible, and other coverage you might need. But renters’ insurance is very inexpensive and worth its weight in gold.
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