During your student housing search, you’ve likely had plenty of questions– especially when it comes to leasing, contracts and insurance. Navigating the requirements around renter’s insurance can be confusing, but it’s essential to make sure you’re covered in case of unexpected events.
Read Next: How to Sign a Lease: A Step-by-Step Guide for ASU Students
At Rambler Tempe, we’re here to simplify the process. In this guide, you’ll find everything you need to know about renter’s insurance as an ASU student, including:
- What is renter’s insurance?
- Do I need renter’s insurance?
- What does renter’s insurance cover?
- How much does renter’s insurance cost?
- How do I get renter’s insurance?
Understanding Renter’s Insurance Basics for ASU Students
What is Renter’s Insurance?
On its most basic level, renter’s insurance is a form of protection for a renter throughout the duration of their lease.
While renter’s insurance comes in many forms, policies generally cover damages to you or your landlord’s property caused by theft, fire, natural disasters or other catastrophes.
It’s important to check what specific renter’s insurance policy you are opting into so you can understand exactly what is covered. Some policies may protect your personal property and belongings, while others cover personal liability.
Do I Need Renter’s Insurance?
Renter’s insurance is extremely important.
Many people mistakenly believe their landlord will cover damages to personal property they didn’t cause. However, without renter’s insurance, there are very few cases where your landlord would be responsible for your losses.
For instance, if a pipe bursts in your apartment and damages your laptop and tablet, you’d have to pay out-of-pocket to replace them if you don’t have a renter’s insurance policy.
Many student apartments in Tempe require tenants to have renter’s insurance, and some may even offer their own policies. This allows the apartment complex to determine what types of property are covered and the policy’s coverage limits.
What Does Renter’s Insurance Cover?
Renter’s insurance offers protection for tenants throughout their lease in a rental property. These plans typically cover damages to the tenant’s personal belongings caused by fire, theft, natural disasters, or other unexpected events. There are different types of coverage, including:
- Personal property coverage: Protects your belongings from incidents such as fire or theft.
- Personal liability coverage: Protects you if you’re held responsible for injuries that occur on your property or damages to someone else’s property. For instance, if someone slips and falls in your apartment or you accidentally damage a neighbor’s property, this coverage can help with medical bills and legal expenses.
- Additional living expenses (loss of use coverage): Helps cover extra costs if you’re forced to temporarily leave your home, such as food, transportation, pet care, and lodging.
How Much Does Renter’s Insurance Cost?
Renter’s Insurance policies in Tempe typically cost around $15 per month, varying based on the location of the apartment and how much coverage you would like.
Read Next: 10 Additional Living Costs for Students Renting Apartments Near ASU
How Do I Get Renter’s Insurance?
Students living in off-campus apartments have several options for getting renter’s insurance:
- Landlord Insurance
- Parents’ Homeowners Policy
- Your Own Policy
One option is through the landlord’s insurance. Many properties offer their own policies, which may either be automatically included in your lease or available as an opt-in. These policies generally cover building damages and personal liability, but will likely not cover your personal belongings. Be sure to review the details of the policy and ask questions to fully understand what is included.
Another option is coverage under a parent or guardian’s homeowners policy. Some policies extend coverage to your belongings, even when you’re not living at home. This coverage is usually limited to around 10% of the personal property coverage in the policy. Your family should check their insurance policy and confirm your landlord’s requirements to see if this applies.
Lastly, you can choose to get your own policy. Even if you qualify to be on your parent/guardian’s plan, you may prefer having your own coverage for more protection. There are plenty of online resources available to help you find and customize an affordable plan.
Make sure to double-check the liability requirements in your lease to ensure your chosen plan meets all coverage needs and protects you adequately.
We hope this article has helped you better understand the importance of renter’s insurance. If you have any questions or want to learn more about Rambler Tempe, feel free to reach out to our leasing team!
