Maybe your Arkansas college student doesn’t have first-rate furniture or expensive jewelry. So when you picture their apartment in a quick, offhand way, it probably doesn’t seem like they have much to insure. Thus, taking out a renters insurance policy for them is a waste of money…right?
Wrong. Think about that apartment a little longer. What’s in it? Laptop? Check. Smartphone? Check. Expensive bike, tablet, kayak, camera, stereo, TV? Check, check, check, check, check and check! College students may not seem like they have much in the way of “assets,” but electronics and sporting equipment add up. You could be looking at $20,000 worth of value in just these items alone.
Renters insurance will pay out in the event of a house fire, or if a water leak from a busted pipe destroys your student’s gaming system, or if a windstorm causes a heavy tree branch to crush the roof of your student’s car, crunching the $2,800 MacBook Pro that was left in the passenger seat.
Would you be able to easily replace all, or even a few of these items, if someone stole or vandalized your student’s home or car? If the answer is no, a low-cost rental insurance policy is definitely the way to go. For starters, if your student lives off-campus, your homeowners insurance policy won’t cover them at all. And renters insurance is highly affordable. A renters insurance policy from Farm Bureau Insurance may cost less than any one of those individual items.
Plus, if your student lives off-campus, their lease may require renters insurance. Check the fine print. More and more landlords are requiring insurance to protect themselves from liability situations that may occur while their property is in your student’s possession.
Renters Insurance Covers More Than You Think
You probably know that renters insurance covers material goods in the case of a break-in. But did you know that renters insurance also covers items stolen from a car, even if it’s not parked in front of the insured’s residence? Or items stolen from a suitcase while your student is on vacation? It also covers any loss of material possessions incurred as the result of a natural disaster, other than a flood—and in Arkansas, tornados are fairly common and historically, very destructive. (Flood insurance is a separate policy from both homeowners insurance and renters insurance.)
Renters insurance will pay out in the event of a house fire, or if a water leak from a busted pipe destroys your student’s gaming system, or if a windstorm causes a heavy tree branch to crush the roof of your student’s car, crunching the $2,800 MacBook Pro that was left in the passenger seat.
And it’s important to note, a landlord’s property or homeowners insurance will not cover your student’s possessions. This is even if the dwelling is completely destroyed by something like a fire or tornado.
In the event of a disaster, your student may need a temporary place to stay. Renters insurance will reimburse you for that hotel room, as well!
Buy Your Student Renters Insurance
In short, it’s a good idea to take out a renters insurance policy for your college student. It just gives everyone an extra layer of comfort and security and majorly cuts down on the stress and trauma, should an unanticipated and unpleasant event occur.
Want to talk more about renters insurance for your university student? Farm Bureau Insurance offers quality, affordable rental insurance policies. Find a local agent near you today.