Many landlords and leasing companies are now requiring proof of the tenant's insurance coverage in order to move in. If you or your college student signs a lease, your student will need a renters policy. In addition to coverage for personal property, a main concern is also liability. As an example, it only takes one person to trip over your couch or coffee table and slam their head into the wall to cause a potential issue. They can choose to sue you for causing them to fall, leaving you responsible to repair the damages to their person and the property itself. A renters policy will help protect you if this does happen. Renters policies will respond to legal matters and costs in the case of a lawsuit. Because this is only one scenario that can happen it’s important to consider what an appropriate limit for your situation may be.
A renters policy covers personal property up to a specific limit, with coverage amounts starting at $25,000 as minimum and increasing to limits that could fit any individual’s needs. Similarly to a homeowners policy, for itemized protection you can schedule inland marine items such as jewelry, laptops, or musical instruments. If this isn’t the right fit for you, most companies will accept your student’s personal property under your homeowners policy. However, a renters policy is a great way to keep potential claims off your policy and give your student some independence.