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 is flooded, ruining all your stuff and leaving you put out in the process? 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, like, $10-$15 a month.
Fast Facts on Renters Insurance
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 being responsible 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 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.
For the monthly price of 2 Chipotle burritos, you can make sure that if something horrible happens, you’ll have the resources you need to help get you back on track. We’re grown up now; the vibe is always “Better safe than sorry”.Want to know more about Kleinpenny Rentals and why we recommend renters insurance for our tenants? Check out our sample Lease and give our office a call for more information.