Kan. Commissioner Reminds Students, Parents on Renter’s Insurance

Kansas Insurance Commissioner Sandy Praeger is offering some advice to share with parents of college students concerning the protection of personal property that might be damaged, lost or stolen while they are away at college.

With the 2005-06 school-year well underway, college students all across Kansas are settling in to their new daily routine. Many of these students live in dorm rooms or off-campus apartments and bring thousands of dollars worth of personal property to school with them.

“A common misunderstanding is that many renters believe that a landlord’s policy on an apartment or condominium will protect them in the event of a disaster, but in fact, protecting the contents in a property is the responsibility of the renter,” said Praeger. “This is certainly something parents will want to ask their family insurance agent about.”

Renters insurance may reportedly be the most frequently overlooked type of insurance. In fact, fewer than half of all renters carry renters insurance, even though it may be one of the most affordable insurances available, ranging on the average between $15 and $30 per month depending on location, size, and possessions.

A renter’s policy will pay to replace stolen/destroyed property with things of the same type and value up to the coverage amount of the policy. However, when an item is stolen, burned, etc., the insurance company will ask for proof of purchase of that item. Receipts or a comprehensive list of possessions, including any serial numbers, will satisfy this request.

Standard renter’s policies provide two major types of coverage: personal property and liability. Personal property pays to repair or replace personal belongings if they are damaged, destroyed or stolen. Liability provides coverage against a claim or lawsuit resulting from bodily injury or property damage to others caused by an accident while on the renters’ property. Generally, this protection also extends to cover the theft of personal items from the insured’s vehicle.

A parent with a college student can contact their agent, carefully explain the situation, and ask him or her to explain the coverage options available.