Move-in reminder: Agents say renter’s insurance can protect you
STARKVILLE/COLUMBUS, Miss. (WCBI) Moving trucks will soon start rolling into college towns with students and parents eager to start a new school year.
Renters insurance can help families protect what they’ve packed, while also easing the financial burden if something goes wrong.
“The importance of it is to protect your belongings. Most companies are going to offer you at least a minimum of $10,000 of personal property coverage, but it also carries liability insurance. Most apartment complexes that require renters’ insurance are going to ask you to at least carry $100,000 in liability protection,” said Alfa Insurance Agent Heath Fisackerly.
Renter’s insurance can cost as little as $10 a month while covering your belongings in case of a fire or flood.
Fisackerly said it is safer to spend a few extra dollars a month than to not have insurance and take the risk of losing all of your personal items.
MSU Student Affairs Vice President Regina Hyatt said new students learning how to be smart with their money can save them on the back end.
“Use your meal plan and use it well. All of our first-year students have to have a meal plan, and they get a lot more bang for their buck when they use it at the fresh food company which is our all-you-can-eat cafeteria, versus trying to grab fast food,” said Hyatt.
Just like a meal plan, your insurance policy is only for you. It is important to make sure your roommates have their own policy as well.
“If you have a single renter’s policy that you think is covering the entire complex and you have two to four roommates. If those roommates are not listed on that policy as additional insurers, that policy is only protecting you,” said Fisackerly.
Fisackerly also said making sure your policy covers you if others get injured on your property, is also important.
“You have to carry at least $100,000 in liability protection on a renter’s policy, and there are also medical payments that are attached to that policy, what that liability protection does is protect you in case someone does take you to court and sue you. and it does protect you,” said Fisackerly.
The average cost of renters insurance per year in Mississippi is $375.
