Are you moving away to attend University this year? If so, you should consider the type of insurance that you’ll need to protect your belongings, whether you’re living on or off-campus. In some cases, your parent’s current home insurance policy will cover you, but not always. And some policies don’t cover everything which could leave you at a loss if your laptop gets stolen or damaged. So before you pack your bags and get ready for frosh week, follow these steps to ensure you’re properly covered for theft and damage.
Check With Your Parent’s Insurance Provider
First things first, find out if you are still covered under your parent’s insurance provider and if there are any limits or exclusions. If your electronics, clothing, and personal belongings are not protected or if there’s no liability coverage to pay for damage to personal property in the case of theft or fire, you’ll need additional coverage.
Find Out If Your Roomies Have Coverage
If you plan to share property or a dorm with a roommate or multiple people, you should make sure that every person is listed on the lease and that they have their own insurance coverage. Otherwise, you could be solely responsible for any damages or injuries that happen on the property. For instance, if you are the only person on the lease and your roommate damages the flooring, you could be held liable for the damages. And if you don’t have insurance coverage, you can kiss your weekend cashflow goodbye as you’ll likely have to pay for all the expenses out of pocket.
Call An Insurance Broker
Never purchase the first insurance policy that you find online. Every insurance company will offer different rates and coverage plans. Only an insurance broker can get you the inside scoop into which companies charge the best rates based on your age, risk factor, location and financial situation. They’ll set you up with the right type of insurance policy that will cover only the things you need to be protected. They’ll also ensure that there’s additional living expenses coverage to provide you with temporary accommodation and expenses if you cannot live in the property due to damage or loss.
Is it worth it?
Considering that protection only costs a few dollars a day, the answer is yes. In the event that something is stolen from you, the cost of the item will be covered. If someone files a lawsuit against you for an injury that happened on your property, the expenses and legal costs will also be covered. In short, insurance helps you avoid any unexpected incidents that can put a real dent in your bank account. It’s more than necessary – it’s essential!
Contact us at MLS Insurance today, and we’ll help find you the right coverage at the best rate on the market – guaranteed!