Managing the Insurance Balancing Act as a College Student
Many students fall on one end of the insurance spectrum or the other. See where you fit in and how to find the balance that is right for you.
Money matters as a college student. Whether finances are tight or plentiful, it is important to make sure that you’re only paying for the coverage that you actually need. Left over cash can be directed towards other priorities like tuition and saving for your future.
Avoid too little of too much coverage with these tips.
Nifty Thrifty The vast majority of college students fall under this category. The most valuable possession that you own is probably your laptop, then your sell phone. There may be a fancy pair of shoes in there somewhere or a collector’s edition baseball card that grandpa gave you but other than that, nothing you own is worth much monetarily. Second-hand furniture and thrift store clothing fill your home.
In cases like these, it’s easy to think that you don’t need renter’s insurance at all. Even if you don’t think what you have is top notch, would your lifestyle be adversely affected if it were all lost? Do you have funds to refurnish your home with even the minimal necessities? Receiving the most basic renter’s insurance coverage is the right choice for you. Get the coverage that you need at a low monthly rate.
Nice and New Your college apartment is the place where friends come when they’re tired of dorm life. The plush Persian carpet your mom got you is nearly as comfortable as the Italian leather couch that you inherited from your father. While your friends ogle over the gold scarab earrings that you picked up in Egypt, nothing matters to you more than your first Girl Scout badge, which you stitched to the inside of your iPad case.
You know you need renter’s insurance. Everything that you own is priceless to you! In cases like these, it’s easy to call up the representative and plead, “Give me the best you’ve got, stat!” You’ll eat Ramen until you graduate as long as you feel safe with your insurance plan. Truth is, it’s still worth it to take photos of your goods, have each item appraised, and then find an insurance policy that is right for you. (Store the photos and appraisals away in a safe place in case of emergencies.) Overpaying won’t make you any safer; a properly estimated policy is best fit for you. The cash you save can go towards your dry cleaning bill.