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Add Renters Insurance to College Students' Shopping Cart

The Property Casualty Insurance Association of America urges parents, students to protect their computer equipment, dorm/apartment furnishings.

Heading back to college is expensive enough, but a fire or theft after college begins could prove more costly if your student is not insured, according to the Property Casualty Insurance Association of America.


With electronics and furnishings for dorms and apartments as mainstays for college students’ back-to-school shopping, the Property Casualty Insurance Association of America said in a release that it would be wise to consider adding renters insurance to their shopping cart.


The National Retail Foundation’s 2013 Back-to-School Survey, total back-to-college spending is expected to hit $45.8 billion this year, according to the release. What parents and students are busy stocking up on ioncludes such things as laptop computers, tablets, printers, mobile devices, as well as the more traditional fare, such as bicycles, stereo equipment, and televisions.

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The Property Casualty Insurance Association of America said many of these items are hard to replace and worth protecting from fire, loss and theft.


“When a child moves out of the house for the first time it’s easy to forget that there are insurance questions for college students living away from home,” said Christopher Hackett, the director of personal lines policy at Property Casualty Insurance Association of America. “A simple renter’s policy will give parents and students peace of mind that personal possessions are covered and will be replaced should something happen.”

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While a typical homeowners policy will provide 10 percent of the personal property coverage limit for items that are kept away from home, renters insurance covers many of the expensive items that students typically take with them to school.


“Recent surveys show between 30 and 45 percent of renters purchase a renter’s insurance policy to protect their personal possessions,” said Hackett. “College students are just out of their parents’ house and living on their own for the first time. It is in everyone’s best interest to have a backup plan with renter’s coverage. ... it will help replace expensive items like computers, TVs and furniture if something unexpected like a theft or fire occurs.


The Property Casualty Insurance Association of America has more than 1,000 member companies representing a broad cross-section of insurers who write more than $195 billion in annual premium, 39 percent of the nation’s property casualty insurance.


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