Monday, July 29, 2024

As students prepare to return to school, Commissioner Causey recommends renters’ insurance

RALEIGH
Jul 29, 2024

As the calendar turns to August, many of North Carolina’s college students will be returning to school and moving into dorms, student housing or apartments this month. State Insurance Commissioner Mike Causey is offering tips to students who may not be aware of important insurance coverage options when it comes to save-guarding their possessions.

A survey conducted by the National Association of Insurance Commissioners found that while 35% of Generation Z adults had protection plans for their mobile phones, only 21% had renters’ insurance. Generation Z, also known as Gen Z or Zoomers, are those born from 1997 to 2012.

Renters’ insurance coverage provides protection for the contents of a home and other personal belongings owned by others who may live there. Coverage addresses certain types of property that are susceptible to loss, such as money, securities, jewelry, furs, manuscripts, stamps or coins.

One option an insurer has is to consider scheduling items separately and for an additional amount of insurance.

“A renters’ insurance policy is something that Gen Zers heading off to college or getting an apartment should have,” Commissioner Causey said. “Many may not know that the landlord’s insurance policy will not cover the renter’s personal items, such as clothing, furniture, televisions and other appliances, cookware, laptops and other belongings in case they are lost in a fire, storm or stolen. Landlord policies only cover the building itself.”

The survey found that only 19% knew what “out of network” meant. Only 27% of Gen Z adults could define “deductible” and 29% knew the definition of “copay.”

Thus, Commissioner Causey is offering the following tips to students and their parents can use regarding renter’s insurance policies:

  • A renter’s policy can shield you from liability for injury to others or damage to the rental property because of fire, smoke or explosion.
  • Renters’ insurance premiums may be $25 or less per month, depending on where you live and how much coverage you purchase. Higher amounts of coverage would cost more.
  • College students living in a dorm room may be covered under their parents’ homeowners’ insurance policy. Some apartment complexes or townhomes require you to have it or build it into their agreements. It’s best to check with your insurance agent to understand any additional coverage you may need.

Renters with questions can call the Department of Insurance toll-free at 855-408-1212 between 8 a.m. and 5 p.m. Monday through Friday to speak to a consumer expert. Or you may visit our website at www.ncdoi.gov.

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