College bound: Renters Insurance protects your possessions, liability

SEATTLE - Life on your own can be demanding for college students. Signing up for classes, finding a job and looking for a place to live are just a few of the challenges that come with life after high school.

If things go wrong, you need to be ready. That's why it's smart to consider purchasing Renters Insurance to protect your personal belongings while living in an apartment or rental home.

According to a 2006 Insurance Research Council study, only 43 percent of renters had Renters Insurance.

"It's important for young adults living on their own to think about all of the 'what-ifs' associated with renting an apartment or home," said Karl Newman, NW Insurance Council president. "Many renters aren't aware that a landlord's insurance policy doesn't cover a tenant's personal property or liability."

For $10 to $15 per month, Renters Insurance can protect you and your personal property in the event of a burglary or fire. Renters Insurance will also protect you if you're found liable for injury to others. When you buy Renters insurance through the same company that insures your vehicle, you may also earn you a multi-policy discount.

Renters Insurance covers:

• Personal belongings such as clothes, furniture, jewelry, computers, artwork, bikes, televisions, stereo equipment and accessories.
• Financial responsibility to other people injured at your home or elsewhere by you, a family member or your pet.
• Additional living expenses if you are unable to live in your home or apartment because of a fire or another covered loss. Most policies will reimburse you the difference between your additional living expenses and your normal living expenses.
• Legal defense costs if you are taken to court.
• Personal property stolen from your vehicle such as textbooks, sports equipment, iPods or other sound equipment not permanently installed in the vehicle.

To help you determine how much Renters insurance coverage to buy, conduct a home inventory of all your personal belongings. Document or video tape each room and keep the inventory in a safe place or offsite. You can access free, downloadable Home Inventory Software from NW Insurance Council's website.

For more information about insurance, visit nwinsurance.org or call (800) 664-4942.

NW Insurance Council is a nonprofit, public-education organization funded by member insurance companies serving Washington, Oregon and Idaho.

###