KANSAN.COM / THE UNIVERSITY DAILY KANSAN / MONDAY, APRIL 5, 2010 / APARTMENT GUIDE
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Renter's insurance provides security
Students invest in low-cost insurance to reduce financial strain in possible apartment disasters
BY TAYLOR LEWIS tlewis@kansan.com
When Lauren Turner was a student, she encountered every renter's worst nightmare. After leaving her apartment one night, she realized, to her horror, that she had left her straightening iron on.
"I called the main office and asked if they could go turn it off, but they couldn't send anybody to do it because it was after hours," Turner, Lawrence's Crosswinds Apartments' marketing and leasing director, said.
She was able to avoid any sort of catastrophe, but not all students are so fortunate. Living in apartment complexes comes at a higher cost than just paying a monthly rent; moving into a shared housing facility increases the risk of damage to personal belongings. One way students can avoid problems, however, is renter's insurance is an inexpensive method of preventing those damages.
Kurt Goeser, a State Farm Insurance agent.
said there are two main components to renters insurance: property, which covers personal belongings, and liability, which covers damages to other parties.
Students are able to buy a plan for around $15 a month that will cover items such as
electronics and clothing in case of home disasters. Goeser recommends buying a $20,000 coverage plan.
"We don't take into account depreciation; we just replace old stuff with new stuff," Goeser said. "Many college students will assume that their stuff is not as valuable, but the policy is for replacement
cost coverage. The $20,000 is for replacing things new."
their personal goods.
"People need to add up the stuff in their apartments," Turner said. "Just your bed and TV alone can add up to $1000."
Overland Park freshman Viktoriya Tulchinskaya has decided to make that
"Even though chances are nothing really is going to happen, it's still nice to have that safety net."
But in order to know what needs to be replaced in case something happens, Goeser suggested that renters keep an inventory of
VIKTORIYA TULCHINSKAYA Overland Park freshman
has decided to make that investment. Tulchinskaya, a first-time renter, decided to look into renters insurance after the employees at Meadowbrook Apartments suggested it to her and her roommates.
net."
"It could save a lot of money in the long run," she said. "Even though chances are nothing really is going to happen, it's still nice to have that safety
Investing in renters insurance isn't necessary for everyone, however. Those who are still covered by their parents' insurance often have a policy that extends to college renting. Yet, even though students may be covered automatically, Goeser still recommends investing in a Personal Articles Policy, which covers more damage than other plans.
"It comes down to understanding your own situation. If it is necessary, it's inexpensive and important," said Geuser.
Whether or not students choose to buy renters insurance, both Goeser and Turner said there are precautions everyone should take to avoid potential disasters. Make sure there is adequate lighting around the apartment, lock doors, don't flaunt expensive items and check the batteries in smoke detectors regularly. But while renters may have the power to prevent personal mistakes, it's important to keep others in mind.
"I tell folks that a lot of times, people will say, 'Hey I'm careful,' Goeser said. "But this is a college town with multi-unit complexes. The reality is, it isn't just you."
Edited by Anna Archibald