Insurance Coverage for Young Adults – Part 1

By January 26, 2018 Personal Insurance

Insurance isn’t usually top of mind for young adults heading off to college or renting their first apartment. (It wasn’t for us at the time, either.)

But, like mom and dad always say, with freedom comes responsibility—in this case, the responsibility to protect yourself, your belongings, and others by taking out renters and auto insurance policies.

The good news is that many young adults don’t even need to take out additional policies; and, for those who do, some policies cost mere cents a day. That should be good news to both young adults and the folks who taught them the many meanings of “safety first.”

Protect your (temporary) home

Dorm dwellers and apartment renters alike should definitely get schooled in insurance. Young people who are not full-time students or who are over age 24 will want to learn even more.

Students who are away at school are considered residents of their parents’ household and are covered to the full limit of the parents’ homeowners or renter’s policy until they’re 24. This holds true for dorms and apartments as long as the young adult is a full-time student and maintains residency in their parents’ home—which they must have lived in directly prior to moving out—as their permanent residence.

Things are a little stickier with non full-time students and renters who are 24 or older. To protect this group’s personal property against damage from fire, smoke, theft, vandalism, lightning and other common disasters, they’ll need to take out a standard renters insurance policy.

This policy offers personal property coverage, loss of use (coverage that kicks in to take care of living expenses associated with a temporary relocation), personal liability protection, and medical payments for damages or injury that occur in your rental unit or as a result of personal activities away from home. And, like a homeowners policy, you’ll have worldwide coverage that protects your possessions when you’re anywhere away from home, whether in an exotic locale or at a friend’s place across town.

Call CNR Insurance for more information: 410-897-9890.

Next post: Keeping your stuff safe!

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