Does your young adult child need renter insurance?

Woman unpacking in apartmentIf you have a dependent child away at college, your homeowners policy extends coverage for their belongings. You probably know that.

But if your child is 19 or older and independently living on his or her own, you should strongly encourage your child to buy a renter policy.

The same goes for emancipated students away at college.

Statistics show that too many young renters go without insurance. It might be because of misperceptions that insurance is too expensive, or their stuff just doesn’t amount to much value.

The truth is, the average renter owns up to $30,000 worth of belongings. And renter insurance is a bargain – PEMCO’s average renter policy costs just over $200 per year.

Renter insurance covers more than clothes, furniture, TVs and stereos. Did you know that a renter policy typically covers items stolen from inside a car, like a laptop or tablet? Many are surprised to learn that auto policies don't cover that type of theft – they cover only what’s attached to the car.

Encourage your young adult to look into renter insurance. Our tip sheet dispels the top 7 myths, such as “I don’t need it because my landlord has insurance.” Not true!

by  Jon Osterberg

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