M


oving off campus? With the new- found freedom to have crazy par- ties outside the jurisdiction of RAs


and the wonderful feeling of being able to do whatever you want, wherever you want, comes the very real risk of losing everything— or at least what matters most. Unforeseen circumstances such as water damage, liabil- ity and theft could make the cost of moving out on your own much higher than was origi- nally planned.


”You have a lot of money invested in your


personal property, and it’s worth protecting,” says Krista Conte, a representative for insur- ance company Allstate. Furthermore, many students don’t understand the risks and costs of leaving their things unprotected. With Allstate reporting that burglary and


theft are more than 30 percent more likely for renters than for homeowners, the need for rental insurance, particularly for college students who often live in areas packed with rental homes and apartments, is as large as it has ever been. “We 100 percent advise students to get renter’s insurance,” notes Darya Rotblat, interim director of Orientation and Off-Campus Programs at Syracuse University.


Rental insurance is intended to cover the


cost of your personal belongings in case of unexpected emergencies such as theft or damage, but it can go further than that. If someone is injured at a rented residence, they can sue the renter to cover their medi- cal bills. Rental insurance can cover these forms of liability, as well as the cost of legal representation in the event of a civil court case. And if damage forces a person out of their rented residence, their renter’s insur- ance can also go a long way toward cover- ing their interim living expenses. A landlord is not obligated nor expected


to cover any of these issues through their own insurance. A landlord’s insurance cov- ers damage to their own property, often leaving the renters on their own in their quest for reimbursement. For some, living on the edge can be worth


the price of insurance. But with rates that can dip as low as $55 per year, the risk doesn’t match the reward. In the Syracuse area, the most common claims include theft, with an average of over $1,100 per claim, and water damage, with an average of more than $3,000 per claim, according to Allstate’s Web site. With that amount of personal prop- erty damaged or stolen, there is very little, if


anything, a renter can do without some type of insurance. “If there was a fire caused by an electrical


or structural problem, it would be covered under the landlord’s insurance,” says Rot- blat. “But if a candle or cigarette caught everything on fire, the renter would have to cover everything at full cost.” In terms of fires, Rotblat notes that in only about half of the reported cases that SU hears about does the renter have insurance. Other insurance coverage options exist


as well. Many students moving out on their own could be covered by their parents’ homeowner’s insurance, which is often a cheaper and easier way to make sure that claims are covered. “It’s usually the case for undergrads {that


they are covered by parents’ homeowner’s insurance}, but not for international or gradu- ate students who have not been living with their parents,” says Rotblat. “You need to check with your policy to see if you are cov- ered to the full extent.” Homeowner’s insurance may only cover


a part of a child’s possessions or have a limit to how much it will cover. A rental insurance policy can avoid this issue. A renter can detail all of their belongings and


make sure the policy can be specifically tailored to cover all claims that may occur. It’s an advantage that could save money in the long run. But saving money on insurance isn’t


the only issue facing renters. There are a number of risks that could add up to big bills that need to be paid. “The biggest risk for students moving off campus is being an uneducated consumer,” notes Rotblat. “Not knowing about the property you’re moving to could introduce problems such as bad insulation, which could lead to large heating bills in the winter.” And theft, although it can be avoided, is


another costly risk for renters. “Most bur- glaries occur with things left in sight, or with doors or windows unlocked,” says Rotblat. “If you leave the opportunity, if the door is left open, then you will see it occur.” Many unexpected and unforeseen risks


face students who are moving off campus to their first house or apartment that marks a further step toward independence. With- out adequately protecting oneself, a renter can find themselves down on their luck, property and money. In taking the next step toward autonomy, why not make it as risk- free as possible?


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