Are you a student uncertain about renter’s insurance? Trust us, you’re not alone.
We understand that the process of renting a student apartment can be confusing. You may be thinking, What exactly is renters insurance? Do I really need it? What does it cover?
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At Rambler, we want your leasing experience to be as smooth and stress-free as possible. That’s why we have created this complete guide to renter’s insurance to answer all of your questions.
In this article, we answer frequently asked questions about renter’s insurance, including:
- What is renter’s insurance?
- Do you need renter’s insurance?
- How much does renter’s insurance cost?
- How do you get renter’s insurance?
A Student’s Guide to Renter’s Insurance in Athens
What is renter’s insurance?
Simply put, renter’s insurance is a type of insurance that covers damages to your personal property as a tenant such as theft, fires, sewer damages or other unexpected circumstances.
When choosing the right plan for you, it is important to be aware that there are various policies that include different types of coverage.
Some policies cover personal property (your belongings), some cover liability (legal costs if you are liable for an injury that happens in your home) and some cover both.
Do you need renter’s insurance?
It is always a good idea to have renters insurance.
While renter’s insurance is not required by law in Georgia, almost all student apartments in Athens will require it in order for you to live in their building. Many landlords will also offer their own insurance policy, but be aware that it is not the same as having your own renter’s insurance.
It is a common misconception that the landlord’s policy will suffice when it comes to covering personal property damages, but this is not always the case. The landlord’s policy usually covers damages to the building itself, but you will need renter’s insurance to cover your personal belongings and to protect you from liabilities.
For example, if a pipe bursts in your apartment and ruins your laptop, renter’s insurance would cover those expenses. If you did not have renter’s insurance, the replacement of your personal property would be paid for out-of-pocket.
Read Next: Ultimate Guide to Living Off-Campus for UGA Students
How much does renter’s insurance cost?
The average cost of renter’s insurance in Georgia is around $18 per month.
However, the price varies depending on the complex you live in, the insurance company you use and the amount of coverage included within the policy you select. Some policies are as low as $5 dollars per month, and others might be over $20 per month. It just depends on what plan works best for you.
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How do you get renter’s insurance?
Here are some ways that students living in off-campus apartments can get renter’s insurance:
- Landlord’s policy
- Parents’ homeowners policy
- Your own policy
First, your landlord might offer their own insurance policy which you can opt into, or it might even be added automatically. As stated previously, the policy offered by the landlord will often only cover damages to the property and not your personal belongings. For this reason, it’s important to read carefully over the policy and ask questions about what is covered before making a decision.
Rambler requires that you have renter’s insurance, and we offer a policy that meets our minimum of $100,000 in liability coverage. You’ll find that this is a standard amount for apartments around Athens.
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Next, it’s possible that your parents’ homeowners policy may cover your personal belongings. This coverage is typically limited to a certain percentage of the total home coverage limit, so you and your parents should check with both the insurance company and the landlord’s requirements to see if this is an option for you.
The third option is to choose your own renter’s insurance policy. Many students opt to find their own policy that offers better coverage for their needs. There are many affordable options that can be customized to fit your needs.
For help finding your own policy, there are many online resources available to get you started.
We hope this article gives you a better understanding of what renter’s insurance is and why it is so important to have as a student living off-campus. If you have any questions about renter’s insurance at Rambler, contact our leasing staff who are more than happy to help.
