College students generally don't have a lot of extra money to throw around, and may not think they own enough to make renters insurance worthwhile. Still, buying renters insurance for college students is important - and doesn't cost that much.
Why Buy Renters Insurance?
You're taking a financial risk if you're a renter and you don't have renters insurance. This type of insurance protects you in several ways:
* It replaces your personal possessions if they're stolen, or damaged by a fire, vandalism, windstorm, hail, and other covered perils. Think you don't own enough to need insurance? Take an inventory of your possessions and you'll likely be surprised at just how much it would cost to replace them.
* It pays for you to live someplace else if your rental is damaged and needs to be repaired.
* It provides liability coverage if someone is injured while visiting you or if you damage someone else's property.
Find a Policy
Renters insurance costs less than you think, usually from about $100 to $300 a year for $30,000 worth of coverage. The actual rate will depend on such factors as . . .
* Where you live
* The construction of your building
* The deductible you set (the higher your deductible, the lower your premium)
* Whether you choose Actual Cash Value or Replacement Coverage for your belongings.
Actual Cash Value costs less, but if you have a claim, you will only receive the amount your property was worth when it was stolen or damaged. Replacement coverage means your insurance company will pay you what it would cost to actually replace your belongings.
Where to Get Cheap Renters Insurance
To get the cheapest rate possible, go to an insurance comparison website so you can easily compare quotes from different A-rated companies. On the best insurance comparison websites, you can also talk with insurance professionals and get answers to your insurance questions (see link below).
Visit http://www.LowerRateQuotes.com/renters-insurance.html or click on the following link to get renters insurance quotes for college students from top-rated companies and see how much you can save. You can get more tips and advice in their Articles section.
The authors, Brian Stevens and Stacey Schifferdecker, have spent 30 years in the insurance and finance industries, and have written numerous articles on renters insurance for college students.