Think about all of valuable items that you will be bringing to your new home away from home; such as, a laptop, tablet, smartphone, TV or gaming system, etc. What would happen if they were lost, stolen or damaged?<\/p>\n
The university is NOT responsible for personal liability or your personal property. Renters insurance protects a student\u2019s personal property against loss or damage.<\/p>\n
Most renters insurance policies provide two basic types of coverage: personal property and liability. Personal property coverage pays to repair or replace personal belongings if they are damaged, destroyed or stolen. This is the most commonly purchased renter\u2019s policy.
\nLiability insurance provides coverage against a claim or lawsuit resulting from bodily injury to others or property damage caused by an accident while on the policyholder\u2019s property.<\/p>\n
Unusually expensive items, such as fine jewelry, may require the renter to purchase additional coverage, called a \u201crider\u201d or \u201cfloater.\u201d Your insurance agent can help you determine if additional coverage is necessary.<\/p>\n
Isn\u2019t this covered if my family has Homeowner\u2019s insurance or their own Renter\u2019s Insurance?<\/strong><\/p>\n You should check with your insurance provider to see if your things are covered while you are living away from home. Also look at the deductibles on the policy. Renter\u2019s insurance may be cheaper.<\/p>\n It is important to find out what is included in each policy you consider. Things such as policy limits, coverage, deductibles and annual costs can vary company by company and policy by policy.<\/p>\n Things to consider:<\/p>\n When determining your deductible, consider what could be reasonably covered from loss versus your premiums. For most, having a higher deductible will result in lower premiums.<\/p>\n When you\u2019re shopping for renters insurance, make sure you understand whether the policy offers \u201ccash value\u201d or \u201creplacement cost\u201d for claims. Here\u2019s the difference:<\/p>\n Cash value coverage reimburses you for the value of personal belongings at the time of a claim. For example, if your 3-year-old TV was damaged or stolen, you would receive the value less depreciation. If the original cost was $1,000.00, you might only receive $500.00 minus the deductible.<\/p>\n Replacement cost coverage reimburses you for the full value of an item. So if you would have to pay $1,500.00 to buy that same TV today, that\u2019s what you would receive, less the deductible.<\/p>\n Premiums for replacement coverage will be higher than for cash value, but can be worth it if you have to make a substantial claim. When a claim is reported, the insurance company will ask the policyholder for proof of purchase for all items reported on the claim. A comprehensive list of possessions, including purchase prices, model numbers and serial numbers, will suffice. It also is a good idea to take photos or video footage of any personal possessions for documentation, making sure the photos are stored in a secure, off-site location.<\/p>\n If you are interested in renter\u2019s insurance, we recommend that you speak with your current auto, renter\u2019s or homeowner\u2019s insurer first. They may have this type of policy and can assist you. You also may look at major insurance carriers as they have renter\u2019s insurance policies. Be sure to inform prospective carriers that the University has a full fire suppression system.<\/p>\n The Office of Residence Life is providing this information solely for informational purposes. We do not recommend or endorse any specific company for renter’s insurance.<\/p>\n","protected":false},"excerpt":{"rendered":" Do I Really Need Renter\u2019s Insurance? Think about all of valuable items that you will be bringing to your new home away from home; such as, a laptop, tablet, smartphone, TV or gaming system, etc. What would happen if they were lost, stolen or damaged? The university is NOT responsible for personal liability or your […]<\/p>\n","protected":false},"author":15,"featured_media":826,"parent":16,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-1289","page","type-page","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.montclair.edu\/residence-life\/wp-json\/wp\/v2\/pages\/1289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.montclair.edu\/residence-life\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.montclair.edu\/residence-life\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.montclair.edu\/residence-life\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.montclair.edu\/residence-life\/wp-json\/wp\/v2\/comments?post=1289"}],"version-history":[{"count":4,"href":"https:\/\/www.montclair.edu\/residence-life\/wp-json\/wp\/v2\/pages\/1289\/revisions"}],"predecessor-version":[{"id":2241,"href":"https:\/\/www.montclair.edu\/residence-life\/wp-json\/wp\/v2\/pages\/1289\/revisions\/2241"}],"up":[{"embeddable":true,"href":"https:\/\/www.montclair.edu\/residence-life\/wp-json\/wp\/v2\/pages\/16"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.montclair.edu\/residence-life\/wp-json\/wp\/v2\/media\/826"}],"wp:attachment":[{"href":"https:\/\/www.montclair.edu\/residence-life\/wp-json\/wp\/v2\/media?parent=1289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Questions to Ask<\/h2>\n
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Tips<\/h2>\n
So What Now?<\/h2>\n