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August 1, 2023
Leaving the familiar comforts of home and venturing into the realm of independence for the first time brings many exciting opportunities — and new risks. While some young adults move straight out of their parents’ house to purchase one of their own, others may choose to rent first — or permanently. But We Insure is there to help you create a financial safety net, offering greater security no matter where you choose to call home.
Leaving home for college life is an exciting time, and it’s one that comes with a host of new responsibilities, including ensuring all your possessions are properly protected. In fact, some colleges require students who live on campus to have insurance coverage. Dorm insurance helps keep your valuables safe and helps prevent emergencies from derailing your studies. For instance, a damaged or stolen laptop can upend your term paper — or even your entire semester — if you can’t afford to get a new one. Sometimes, a student’s parents can extend their homeowner’s policy to protect dorm contents, but it’s important to check how much that actually covers. Typically, it’s a sub-limit of around 10% of the homeowners insurance policy, which may not be enough to replace all your belongings in case of an accident or emergency.
Renting an apartment puts more responsibility in your hands. Your landlord will likely take care of most plumbing and HVAC issues, but you’ll still need to insure your possessions. A renters policy can cover items like electronics, clothing, and furniture from damage and theft. It can also provide important liability protection if someone is injured in your apartment or if you cause damage to someone else’s property. Though some landlords don’t require it, many apartment complexes and corporate-owned units won’t rent to you unless you show proof of insurance. But even when it’s not required, a renters policy provides valuable financial protection in case of unexpected events or accidents.
A condo can offer a happy medium between the responsibilities and perks of renting an apartment and owning a single-family home. Often, condos in the same complex charge fees that cover certain aspects of property maintenance — such as lawn care or upkeep of a community pool. The complex may even have its own insurance coverage, but this policy likely won’t cover your personal belongings. Depending on the condo management, it may also not cover damage from certain events like a fire or break-in. Your condo insurance policy should be tailored to suit your needs and fill any coverage gaps.
A Full House
A single-family home grants you greater freedom to make your space your own, but it also comes with increased insurance needs. Not only are you responsible for your possessions, but you’ll also need a policy that covers damage to the house itself and any other structures on the property, such as a fence or shed. Your rate will be based on a variety of factors, including the home’s value and location, in addition to the cost of your furnishings and other possessions. Homeowners who are at risk of certain events that aren’t covered by a standard home insurance policy, like earthquakes and floods, may need to purchase additional coverage to ensure adequate protection.
A Policy for Every Path
Whether it’s the excitement of your first night in the dorm, the liberating step into your first apartment, the confident stride into buying a condo, or achieving the dream of owning a house, each stage of life comes with unique thrills — and challenges. As your journey unfolds, reach out to a We Insure agent so we can help tailor coverage to your evolving needs, providing you greater peace of mind. Because life isn’t about worrying over what could go wrong — it’s about relishing every memorable milestone and moment that goes right.
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The information contained in this page is provided for general informational purposes only and may not be applicable to all situations. We Insure makes no guarantees of results from the use of this information.