Insurance Immersion: A Guide to Renters Insurance for Young Adults

July 10, 2019

My name is Kelton Loper and I am a Summer Intern with Chalmers Insurance Group. I currently go to school at The University of Maine and live off campus. Recently it was brought to my attention that it would be beneficial to have a renter’s insurance policy to protect my belongings within my house. I went through the process of getting a renters insurance policy with the great help of Robin Carlson from Chalmers Insurance Group and decided to write a guide for other young adults looking for some information on why you need renters insurance, what renters insurance actually is, and how to go about getting a policy for yourself.

First off you may be wondering if YOU need renters insurance. If you are currently renting a house you might find it interesting to know that although your landlord has insurance for the residence it does not cover you or your belongings. This means if you experience any damages or loss from fire, theft, explosion, lightning, or other catastrophic events that YOU are responsible for the damages, not your landlord. I realized that it might be time to get renters insurance after our furnace broke and gave us a small fire scare. Nothing of mine ended up being damaged but it was enough to make me realize that I would need some assistance if something did happen. This is where renters insurance comes in!

Before I decided to actually get a renters insurance policy I wanted to know a little more about what the actual benefits of the policy were. Renters insurance covers your personal belongings and different policies have different coverage limits with policies generally starting at around $25,000, but overall the coverage depends on the value of the things that you are hoping to protect with your policy. The policies include personal liability coverage, which essentially means that you will be protected if you are liable for an injury at or away from your home. The policy also pays any court judgement and legal fees in the event of a lawsuit up to the limit on the policy (which is separate from the limit on your personal property). The policy will also cover additional living expenses, which essentially is the expense to temporarily stay in a hotel if your home ever becomes uninhabitable due to damage from a covered peril. In addition, a renters insurance policy also covers you when you travel anywhere in the world, your personal property will be covered if a loss occurs at an airport, or when property is stolen from your car.

Now you might be thinking “renters insurance sounds great, but I have no idea how to go about getting it or how much it will cost”. For starters, renters insurance is very affordable and relatively inexpensive (especially when you consider the many coverages and benefits) it can range from $100-$200 per year or an average of $12.50 per month. When you set up your policy you will also be given the option to pay your premium all at once or monthly.

 Now as far as how to get renters insurance:

In conclusion, renters insurance will give you piece of mind and protect you against worse case scenarios. Plus for the low cost and convent help from Chalmers Insurance, making the choice to get renters insurance is a no brainer!

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