Michigan college students renters insurance

Why Michigan College students need renters insurance?

Michigan college students need renters insurance to protect their personal property against damage or loss. Renters coverage will also protect you if someone is hurt while in your apartment.

Living in an apartment or house, your landlord’s insurance will not cover your property if it is stolen or is damaged from a fire, theft, or other unexpected loss.

College students living in off-campus housing are ideal candidates for renters insurance since many students bring thousands of dollars worth of personal items, such as electronics, computers, books, clothes, and furniture with them to school and off-campus housing is not covered under most college students parents policies.

College students under 25 years old, enrolled in classes and living in on-campus housing, may be covered under their parents’ homeowners policy. Click Michigan Homeowners to visit our page to see the coverage provided by a Michigan homeowners policy.

What does a Michigan college students renters policy cover

Renters insurance will protect your personal property against fire, lightning, windstorm, explosion, vandalism, vehicle damage, or theft. There are two types of coverage to insure your property.

  • Actual cash value coverage (how much it is worth today). 
  • Replacement value (how much it would cost to replace the item).  There is an additional charge to get replacement value coverage.

Renters insurance can pay for another place to live while your apartment is recovering from a claim.

Your renter’s policy can also provide medical payment to others for medical expenses from an injury or accident in your apartment. Coverage does not apply to the insured or residents of the apartment and starts at $1000.

There is coverage to help to protect against lawsuits due to a liability claim caused by someone injured in your home or damage to someone’s property. This coverage would protect you from the lawsuit and pay for the cost to defend you even if you were not at fault.  Liability limits start at $100,000, and your apartment complex could require you to have a policy. 

What does my Michigan renters policy not cover

Unusually expensive items, such as fine jewelry or a comic collection, may need additional coverage, called a “rider” or “floater”. Your insurance agent can help you determine if additional coverage is necessary. If you have a laptop or Ipad, you may need a rider to provide broader protection for your electronic items.

In Michigan, what types of renters policies are available?

Another essential factor to look for when shopping for renters insurance is “actual cash value” vs. “replacement cost” coverage.

Actual cash-value coverage will reimburse the renter for the cost of the personal property at the time of the claim, minus the deductible. It’s essential to account for depreciation when considering this coverage option. For example, if your television is stolen from your apartment the insurance company would reimburse you for the current value of the tv not what it previously cost. That is the purchase price, minus depreciation.

Replacement cost will reimburse the full value of the new television, but you need to purchase the TV first and submit your receipts.

Other things college students need to know regarding their Michigan renters insurance policy.

When you make a claim, the insurance company will ask for proof of purchase for all items on the claim. College students will need a list of possessions, including purchase prices, model numbers, and serial numbers. Take photos or use a smartphone to take a video of all personal belongings for documentation.  Store your recording in a separate location or on the cloud.

When determining how much coverage colleges students should purchase, estimate the value of your property. The total cost of your property is the amount of insurance that you will need to replace all your items. 

Students living in off-campus housing or an apartment with a roommate may be able to purchase a renter policy together. List all roommates names on the policy for coverage to apply to everyone. If not combined, each roommate will need their own renter’s insurance.

Premiums for renters insurance average between $10 and $50 a month depending on how much coverage students may need. Start your Michigan renters insurance policy by calling 248-888-1134 or click the highlighted link to start your Michigan renters insurance online.