Many students believe that their property will be covered under the landlord’s insurance policy in the event of a fire, theft or a water damage loss and this simply isn’t true. The landlord receives reimbursement from his insurance policy to cover losses but your personal property will not be protected. Imagine if you had to replace your clothing, laptop, iPod, television, books and other personal items; the cost could be exorbitant and with the cost of college tuition, could literally break the bank.

Consider renter’s insurance a peace-of-mind policy. The premiums are affordable, and if you already have car insurance you will usually qualify for a discount.  This means that for a small monthly fee you can buy a policy to protect your belongings. In addition to purchasing a renter’s insurance policy, there are steps your student can take to lower the chance of experiencing loss, theft or damage to personal property. Below are a few examples:

Items to keep in mind when looking for an apartment:

·         Avoid large student apartments as those are known for frequent visitors and this can add to the likelihood of damage or theft of your personal property.

·         Choose an apartment building that offers a security system, motion sensor outdoor lights, off-street parking, deadbolts, smoke and carbon monoxide detectors. Security systems and smoke detectors can lower your insurance premiums.

·         Apartments on upper floors reduce the risk of an easy break-in.

·         Limit the number of roommates in your apartment to fewer than three and try to room with people you know. Too many strangers in and out of your apartment can lead to property damage or theft.

In addition to purchasing a renter’s insurance policy, you will want to take precautions to keep your dwelling and your belongings safe, such as:

• Always keep your doors and windows locked.
• Extinguish candles or open flames when you leave the room.
• Install a lock on your bedroom door and keep your valuables in there. You may know your roommates but you may not know their friends.
• Leave valuables at home with your parents, but if you must bring them, purchase a small fireproof safe to store valuables and personal papers such as Social Security Cards, passports and credit cards, etc. Put the safe in an out of the way place in your bedroom.

When talking with your insurance agent about renter’s insurance, be aware that these are some of the items that can be covered under that policy:

·         Your personal property up to the amount of value you’ve chosen.

·         Medical and legal expenses should someone get injured while in your apartment.

·         A provision to cover additional living expenses if you are unable to live in your apartment because of a fire, or other apartment damage.

Talk with a trusted insurance agent and make certain that you are protected with a renter’s insurance policy so you have peace of mind as you pursue your educations.  If you are a student in New Jersey or New York, contact Donnelly & Sproul Insurance for a free renter’s insurance quote at 201-493-9002.