For college students, this is the time in life where you may leave home for the first time and rent your first house or apartment. Of course, paying rent month after month while attending school and working a part-time job will leave you with little left over until your next payday.
Although most college students are notoriously broke, there are a few helpful tips that you can use to stretch your dollar and make the most of your monthly paycheck. Starting with rental insurance…
The Benefits of Inexpensive Rental Insurance
Taking into account that the average rent for a house or an apartment could be as high as $1700 in some areas of the country, it almost seems counter intuitive to add an extra fee onto a monthly rental payment, doesn’t it?
This is precisely why many college students go without rental insurance to save a buck so that they can afford rent month-to-month. Yet today, a growing number of apartment complexes require young renters to buy insurance. Many college students are surprised to find that compared to costly homeowners insurance, renter’s insurance is quite cheap.
That’s right - depending upon where you live, renter’s insurance could cost roughly $15 a month, making it pretty darn affordable for a student lifestyle.
What Rental Insurance Covers
So what kind of protection are you going to get for a small payment of $15 a month as a renter? Since you don’t own the property, it won’t insure an apartment or housing structure. Renter’s insurance will cover all personal belongings. Given the fact that most students own some sort of valuable equipment like TVs, stereos, and computers, it can serve as a worthwhile investment if property is stolen or damaged.
Even more importantly, renter’s insurance will cover a renter in the case of a potential lawsuit. Meaning, if a visitor falls and gets injured on your property, or even if your dog bites a guest, renter’s insurance will cover your liability.
For college students who live in a dorm, renter’s insurance may not apply; students are most likely covered by their parents’ homeowners insurance. But as soon as a college student moves to an apartment off campus for the first time, rental insurance is vital to make sure that their property is protected, as well as their liability in the case of a legal issue.
Although Austin renters insurance may be optional, don’t take the risk of renting without it. The best way to save money on rental insurance is by pooling together with roommates to take a low monthly fee down to just a few dollars a month – well worth the minimal investment.