Rae is a graduate of Tufts University with a combined International Relations and Chinese degree. After spending time living and working abroad in China, she returned to NYC to pursue her career and continue curating quality content. Rae is passionate about travel, food, and writing for Jetty, of course.
Is your child heading off to live in their first apartment soon?
If so, you want to make sure they’re thoroughly prepared. That doesn’t simply mean helping them buy essential items, though. It also means encouraging them to do a bit of research and find affordable renters insurance.
First, it’s worth noting that renters insurance is typically less expensive than many people realize. The average cost is actually about $12/month. However, the potential value renters insurance offers is much greater.
After all, while your kid’s landlord may have their own insurance policy, it will typically only cover the dwelling. That means your kid’s personal belongings are not protected.
Ideally, they’ll never have to use their renters insurance. If they ever do, though, the following are some of the coverages it’s most likely to include. Your child will be glad they bought a policy if they ever need coverage for:
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A renters insurance plan usually offers some degree of protection for personal belongings. Policies specifically cover theft and various types of damage. They can also cover protected items even when they are brought along on vacation.
Research your child’s options with them before they choose a plan. Some forms of damage may not be covered. For instance, renters insurance plans often don’t cover damage caused by earthquakes. Your kid may want to get additional coverage if they are moving to an area where earthquakes are common.
Loss of Use
Imagine this scenario: your kid arrives back to their apartment to find a downed tree has crashed through the window. Until repairs are made, they’ll need to find somewhere else to live.
This could be a stressful experience for someone living in their first apartment. Luckily, a renters insurance policy will often provide loss-of-use coverage. This helps your child find and pay for new accommodations until they can move back into their place.
Liability coverage helps renters when their negligence results in damage to another person’s property or harm to another person’s wellbeing. For example, maybe your kid has a rambunctious dog. If it knocks over a guest’s belongings or bites them, your child may have to pay the guest’s bills. Renters insurance will help them do so.
It’s also possible to modify a renters insurance policy to add coverage that wasn’t available with a basic plan. For example, your child may bring certain valuables to their apartment that aren’t usually covered. They can add additional valuables coverage if this is the case.
Again, hopefully, your child will never have to use their coverage. Their first experience living in an apartment should be as easy and stress-free as possible. However, with so many factors you can’t control, it’s nice to know they’re covered if they ever need it.