With dozens of apartment complexes and neighborhoods surrounding the University, many students chose to rent or lease a residence at some point during college.
But when signing a lease for an apartment or house, many students commonly overlook adding renters insurance to their monthly expenses.
According to Allstate Insurance agency, renters insurance protects personal belongings should they be stolen or destroyed a covered cause of loss such as a fire.
Typically, personal property protection covers belongings lost due to fire, lightning, falling objects, smoke, explosion, wind and hail, water damage and vandalism.
Natural disasters such as hurricanes, theft or liability insurance are not covered in most basic policies and will require an additional premium.
Several apartment complexes around the University recommend renters insurance for their tenants.
University Commons, University House on Brightside and Cypress Park all said they encourage it, but do not provide it. Students must contact outside insurance agencies on their own to obtain the insurance.
Brian Watson, assistant manager of Place De Plantier apartment complex, said they highly recommend renters insurance for their tenants because they are only liable for the building.
“When people sign a lease, we have brochures available from Allstate and State Farm,” Watts said.
Though they encourage it, Watson said many college students do not have a lot of things they need to be insured, so they do not purchase the extra insurance.
Watts also said some students still are covered under their parents home insurance, or may be able to be added for a minimal cost.
For renting a house, local real estate owner, Tom Burnett said in many cases he gives renters a pamphlet and advises them to buy it. He said the additional insurance contains the contents coverage that his insurance over the structure will not cover.
However, Burnett said in most cases people don’t take his advice.
“Most people don’t actually get it,” Burnett said. “Probably because they don’t want to pay the extra $150 a year.”
He said most of his properties average about $150 a year, but premiums vary depending on location, deductible rate and insurance company.
“It’s great,” Burnett said. “Its really worth having.”
Biochemistry junior Kim Seiler said she and her roommates purchased renters insurance for their house at the beginning of the lease.
“I felt like it was the responsible thing to,” Seiler said. “For only $35, it’s worth protecting my things in case of a fire.”