Renters Insurance for College Graduates

June 2, 2009

Renter’s insurance may seem like an unnecessary cost when money is tight and you’re working to pay off your college bills. However, if you can get a few renters insurance quotes online you’ll see that the insurance isn’t that expensive and can provide you with some much needed protection.

Do You Need Renters Insurance?

As a recent graduate, you might think you don’t have that many things to insure.  Compared to older, more established people you probably don’t have a ton of stuff but you did have to spend money to furnish your apartment.

You likely brought a few things with you from school like your electronics, CD’s or DVD’s, MP3 players, a cell phone, maybe a computer.  You also probably built up a wardrobe of clothes and maybe various accessories over the last few years.

If you take a look around your apartment and make a list of all the things in it, you’ll probably realize you’ve accumulated enough that you couldn’t afford to replace everything if it was all lost at once.

Why Renters Insurance?

The main idea behind renter’s insurance – or any other kind of insurance – is to be able to replace losses that you would not be able to replace otherwise. In other words, if you have a fire, or a theft, the insurance company would provide you with repayment for some of those losses.  Many people assume that their landlord’s insurance is all they need but typically this insures the building but not the belongings inside of it.

An apartment fire causing smoke or water damage, theft or vandalism, or even a natural disaster such as a tornado or earthquake are all things that can unexpectedly ruin your possesions. Renter’s insurance can provide coverage for these events and help limit your losses.

Renter’s insurance can also protect you if someone gets hurt while visiting. If they are in your apartment or rented home, their medical needs may be covered under such circumstances. It can also protect you in the event of a lawsuit (liability).

What Does Renters Insurance Cover?

Basically, renter’s insurance enables your possessions to be covered on either a depreciation basis or a replacement basis. Replacement basis is the best because it will actually give you a new equivalent – even if it costs more, and the price of a replacement basis policy typically isn’t that much higher. You will have a deductible, of course, but still, your assets are protected against total loss.

In order to have the best protection of your possessions in a rented space, you will need to have an accurate record of them. This means either a photograph or a video, in which you walk through your apartment and then talk about everything you have on it. This photographic record will need to be kept somewhere safe – and updated when new items are purchased.

One nice feature about renter’s insurance is that it can be quite inexpensive – but can provide a lot of coverage. If purchased, it can also provide you with another place to live if your apartment becomes unlivable due to some catastrophe and repairs or replacement is needed.

Where to Buy Renters Insurance?

Some companies like State Farm and Allstate offer what’s known as a multi-line discount, where they offer a renters insurance discount if you already have your auto policy through them.  You can also get renters insurance quotes online through sites like:


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