You might’ve heard your parents talk about homeowners insurance after that time you backed the car into a completely closed garage door at 6 am on your way to high school. Just like the car insurance they also had to call when that happened, homeowners insurance is there to cover the costs of damages from accidents, mishaps, and total catastrophes. But that’s just for people who own stuff, right?
Nope! There’s insurance for renters, too! And it can be just as crucial when something goes wrong. What if extreme weather hits and your apartment floods, ruining your stuff and leaving you out in the cold? Or what if a roommate in your 3-bedroom apartment gets bedbugs, which means you eventually get them, too, and everyone has to get rid of their stuff and leave while the place is treated?
This is what renters insurance is for. And before you get too freaked out – it doesn’t cost nearly as much as homeowners or car insurance. You can get a policy that will cover more than enough worth of what a typical college student owns for much less than you’d expect.
Renters insurance for your apartment is designed to protect your personal belongings and provide certain types of liability and additional living expense coverage when something unexpected happens. For students living in an off-campus apartment or house near OU, that can mean protection for the things you've spent months saving up for — your laptop, phone, furniture, clothes, electronics, and more.
Fast Facts on Renters Insurance
Renters insurance policies vary, so it's important to read the details of any policy before purchasing it. In general, however, renters insurance can provide several types of protection that are particularly relevant to college students.
This isn’t a business class at OU, so let’s make it quick and clear:
- Imagine your laptop gets stolen or your TV fries during a power surge. Renters insurance helps replace or repair your stuff in these situations.
- Party gets a little wild, and someone accidentally breaks your roommate’s favorite plant pot? Renters insurance can cover your responsibility for damages.
- Don't think your stuff is valuable? Add up your laptop, phone, clothes, and furniture - it can cost more than you think to replace!
- What if your 1-bed basement apartment floods and you can’t go home for a week? Renters insurance can help cover the cost of wherever you stay in the meantime.
- Most landlords won't require it, but it's still a smart move. Don't rely on your parents' insurance - it might not cover you in an off-campus rental.
- Renters insurance is simple, and it follows you to any apartment you go to. Any time you move to a new place, all you do is change the address on your policy!
- Worried about paperwork? Don’t. Like, every insurance carrier has a mobile app now.
To summarize, renters insurance can cover your personal belongings and personal liability for accidents that happen in the home. As always, check the policy details to understand exactly when and where coverage applies.
Doesn’t Landlord’s Insurance Cover Your Personal Belongings?
This is an easy point to misunderstand when you're renting for the first time. A landlord's insurance policy generally protects the property owner's interests, such as the building and certain property-related risks. It does not automatically mean that your laptop, furniture, clothes, or other personal belongings are insured.
For example, this sample apartment lease specifically explains that the owner's insurance does not cover tenants' personal property and places the responsibility for insuring those belongings on the tenant.
That's why it's worth understanding your lease and your own insurance options before moving into an off-campus apartment. If you're unsure what a particular lease provision means, ask the landlord or property manager for clarification rather than assuming you're covered.
Renters insurance is often relatively inexpensive compared with the potential cost of replacing your belongings, but premiums vary depending on the policy and your circumstances.
Moving Into Ohio University Off-Campus Housing Means More Responsibility
Renters insurance might not be the most exciting part of getting your first off-campus apartment, but it's one of those small adulting tasks that can make a big difference when something unexpected happens. Before moving into an Ohio University rental, take a few minutes to review your lease, make an inventory of your belongings, and compare insurance policies, so you understand what protection you're getting.
If you're looking for off-campus housing in Athens, Kleinpenny Rentals offers apartments and houses for Ohio University students in a variety of sizes and locations. Once you've found a rental that fits your group, make sure you're just as prepared for the responsibilities that come with living on your own. Explore our available Athens properties to find the right place to move into for the next academic year and give our office a call for more information.