All across the country, ceremonies are taking place to honor those who have accomplished the goal of finishing a level of education, whether it be high school or college. For some, it means that children are ready to fly the nest and find their own place, which usually means renting an apartment or condo for the first time. With all the details of signing the lease and moving in, don’t forget to inform the new graduates about renter’s insurance.
Most people are familiar with homeowner’s insurance, which covers a person’s home and belongings in the event of some catastrophes. Many people assume that, when renting, the owner of the home has insurance with similar coverage. However, a landlord policy usually covers only the structure itself, but not the contents within the building. This means, should there be fire, theft, or some other situation that destroys the tenant’s belongings, the landlord’s policy would not provide the money to replace these things.
You may think that a new graduate doesn’t really have enough material possessions to require insurance, but in this electronic world, think about how much of a hardship it would be to replace basics such as a phone, computer, and television. Add in furniture, clothing, and other belongings and the bill could easily reach thousands of dollars.
A renter’s policy is an inexpensive solution to this problem, and tenants can easily afford it by cutting back on one pizza delivery a month. With renter’s insurance, all the belongings will be insured and there’s no need to worry about “What if’s.”
While some graduates are getting their own place, others are moving into college dormitories to continue their education. This is another situation where renters insurance is probably a good idea, especially due to higher theft rates in college and university dorms.
Starting a renter’s insurance policy is simple and straightforward. Parents can even get their new graduate started and pay for the first year as a gift. To find out more about renter’s insurance, contact us.
Rob Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953.