Insurance Saves Students in Danger

Most people know it is important to have homeowner’s insurance. But renters, especially students, rarely stop to consider whether they also need to protect themselves.

“I’m a broke college student, can I really afford to pay renters insurance on top of my car insurance,” said John Watson, a senior, criminal justice student. “I can only hope no one breaks into my place.”

Renter’s insurance is a type of insurance that protects the renter as well as his property.

“Students get renter’s insurance because it’s required where they live,” said Cathy Day, a local State Farm representative.

Just like other forms of insurance, customers will choose the amount of coverage and deductible, and then are required to pay a yearly premium based on these, as well as a few other, factors. The amount of coverage that renters choose should account for the value of their belongings and offer enough coverage that they are adequately protected in case of an emergency.

Don’t make the mistake of thinking you don’t need renter’s insurance because your things are not valuable, real estate experts warn. Renter’s insurance provides more than just protections on belongings due to a fire or theft in your apartment. Renters insurance also protects against liability. And Tallahassee is one of the cheapest cities in the state for renter’s insurance, according to Michael Hilmel of VanAllen Insurance Agency.

Customers may also choose how much liability coverage they need, depending on their budget and the amount of protection they feel most comfortable with.

Liability coverage will help protect a renter if they are sued due to an accident that happened in or on the property they rent.

“Tennessee Street Station is one apartment complex that requires its residents to get renters insurance,” said Kellie Green, a community assistant. Residents can choose whatever agency they want. “There is a company that we use but the residents would still have to meet with them to get a policy.”Azalea Place Apartments also requires their residents to obtain renter’s insurance. However, if residents choose not to they are required to sign a loss/damage waiver and pay a monthly fee of $10.

Day said that hypothetically, if a visitor to an apartment gets hurt the renter could be at risk for a liability suit.

The minimum coverage is $10,000 for State Farm. However, State Farm is not conducting any policies in Florida. All policies are made through Citizen State Insurance. Allstate offers a minimum policy of $15,000 for renter’s insurance and a $100,000 in liability protection.It also protects against accidents to another person’s property. The cost for the damages will be covered through liability.