If you’re a college student or renter, you should know that even though you don’t own a home, you should be prepared for total loss of your possessions in case the worst happened. Let’s say your dormitory burnt down or the sprinklers went off one night and destroyed your electronics. Do you have the money to replace those items? Are you prepared to go without your computer, clothes and furniture?
When you lose possessions inside someone else is owned property (such as with a renting situation) for any reason, their insurance company will not cover your personal property. As a renter or student, you need to make sure you have your property covered in case of fire, robbery, flooding (if applicable) and weather (such as a tornado).
Buying Content Insurance
When buying and shopping for content insurance, it’s important to understand how much your personal possessions are worth. They may be worth more than you think. Remember; always take into account the cost to replace those items to include shipping, personal shopping time, time off work and taxes for new items.
This is a similar process you go through when you ask yourself, “how much is my car worth?” when buying personal car insurance. Understanding the full replacement cost for your home items is like asking yourself how do I ship my car when you move. You must additionally consider:
- Irreplaceable items such as special jewelry or artwork
- Electronics and depreciation
- Costs associated with retrieval in case of robbery or stolen property
- Personal liability insurance that’s included with content insurance
- Deductibles and how much immediate cash you have for replacement of essentials until a claim comes through
The Right Coverage for the Right Price
Most renters and students will find that content insurance is very affordable. A simple plan can start around $100 a year. A plan with more riders, lower deductibles and more stuff can go as high as $100 a month. Also, when shopping around for content insurance remember that most insurance companies will provide a generous discount on their services if you combine them with other insurance you may already have, such as medical or automobile insurance.
Finally, consider buying personal liability insurance when you purchase content insurance. All homeowner insurance comes with liability insurance, and most content insurance does too. Consider this: what would you do if someone is visiting and they injure themselves because one of your items falls on them? Or they slip? Simple medical mishaps like these are usually covered by this protective liability insurance. This extra layer of protection can provide peace of mind for renters and students who do not have large cash reserves to cover mishaps and legal fees.
More than ever, covering yourself with the right insurance plan keeps you financially viable and protected from the worst. Without good insurance, you truly risk losing everything and without financial ability to replace lost items, your life can quickly become very uncomfortable and miserable.
About the Author: Ray T. Lewis lives just outside of Dallas, Texas with his wife and three children. He has two dogs, a chihuahua and a puggle, both of whom love their Daddy very much. He reads extensively, and he’s worked as an editor and writer for askdeb.com for a little over two years. His goal with that site is to help real people get real answers to real questions. The best thing about the Internet is the speed with which you can find answers to questions. Visitors to askdeb.com can expect to find extensive, detailed answers to reader-submitted questions.
Originally posted 2011-01-15 23:27:55. Republished by Blog Post Promoter