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Why You Need Renters Insurance

University of Kansas students have enough to worry about during the hectic transition from living in the comfort of home to enjoying all that student apartments near KU have to offer. What happens to your belongings in an emergency shouldn’t be one of them. Whether it’s a flat-screen TV or a priceless knickknack, renters insurance protects personal belongings and brings peace of mind. Make sure your effects are in the best hands while living at The Connection at Lawrence.

When Do I Need Renters Insurance? 

Similar to many student housing communities, The Connection at Lawrence provides insurance for the unit itself, leaving everything else — clothes, furniture, personal mementos — unsafe. This is where apartment renters insurance comes in. It’s like a bonus safety net for what really matters in a time of crisis. Renters insurance protects personal belongings in case of fire, theft, or other natural disasters with an HO4 policy (or renters’ insurance policy).

An HO4 policy also ensures that damages caused by negligence are covered. For example, if the bathtub in an apartment overflows and drips down to the room below, renters insurance picks up the cost of repairs in case the resident is found liable.

What Exactly Does It Cover? 

Personal Belongings

Typical policies have a cap on the amount for each type of personal item — $2,000 for electronics and $3,000 for furniture, for instance. They also protect anything already included in the apartment. For residents living in our off campus student housing with expensive items, it’s smart to talk with an insurance provider about purchasing add-ons. These are usually inexpensive (a few bucks a month) and ensure every valuable item is secure.

Loss Of Use

Living on the edge of Tornado Alley, KU students want to ensure their belongings are covered should the worst happen. If a tornado wreaks havoc on a resident’s apartment and forces them out, renters insurance has it covered. Loss of use picks up all expenses incurred during this time such as hotel fees, food, and other living costs.

Liability And Additional Coverage 

The HO4 policy pays for injury and property damage caused by negligence. For example, if your cat gets loose and scratches one of your roommates who then has to get checked by a doctor. Renters insurance, however, doesn’t cover negligence if the harm was intended (hitting someone with a bat), business ventures (the midnight cookies baked in a resident’s apartment make someone sick), or vehicle-related damage. (This is what auto insurance is for.)

Besides the basic types of policies, there are a few others to be aware of. Renters insurance covers medical expenses if someone is hurt in the apartment, while credit card and bank forgery coverage protects against fraud attempts; for instance, if a thief steals credit cards or a checkbook from the apartment and buys an expensive car.

How Much Coverage Do I Need? 

The amount of coverage for off campus KU apartments depends mainly on personal property and liability coverage. A recommended amount for personal liability protection is $100,000 and enough personal property coverage for all your belongings.

Insurance companies offer different coverage options depending on need, starting as small as $5,000 up to hundreds of thousands of dollars.

Where Do I Get A Policy? How Much Will It Cost? 

The best first step is to contact the insurance company responsible for your auto insurance, as it’s wise to bundle the two together to get the best renters insurance possible. Prices vary by state and the items you want to be covered. Kansas renters insurance runs around $15 a month, but that can change depending on what needs protecting.

If you aren’t familiar with obtaining a renters insurance policy for your KU student housing, it might seem like an unnecessary chore. But it’s just a small price to pay for complete comfort at The Connection at Lawrence. Contact us for a tour of off campus student apartments near KU.

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