Without insurance, students could get burned

by Kayt Pattee
THE POST

Decorating a house or apartment can be exciting, but without insurance, it could quickly transform into a costly nightmare.

Jim Rutter, an agent with American Family Insurance in Logan, said about 15 to 20 percent of Ohio University students renting houses and apartments have a renter's insurance policy.

"Basically, renter's insurance covers your personal property such as clothing,TVs, VCRs, appliances, CDs, computers, beds, tools, etc.," Rutter said.

The policies include damage coverage from fire, lightning, wind, water, plumbing accidents and smoke damage from a neighboring house fire.

But many students overlook renter's insurance when they consider expenses for their new residence.

"The information could have been in the fine print on the lease. I don't remember or I just didn't read all of the stuff," OU senior Jake Geiger said. "They should try to make people more aware of these things, this being some people's first experience getting a house."

Les Cornwell, owner of Cornwell Apartments, said there was nothing regarding insurance stated in the leases his tenants signed.

"I don't know much about it," he said. "What I would believe is that most students are covered under their parents' insurance."

Rutter said this is not necessarily the case. The policies generally do not cover items that are not in the household.

"It doesn't transfer like that," he said. "If junior goes away to college and gets his stereo stolen form the dorm, it's not covered under the parents' home owner's insurance, at least (not) with our policy."

Recent OU graduate Ryan Duval said he knows some people who were covered under their parents' policy.

"My roommate once got his bike stolen from the dorm, and he got money from his parents' insurance," he said.

This might be the case with some students who are still considered dependants, Cornwell said. He recalled a fire years ago in a building he owned.

"Most or all of the tenants' insurance covered any losses," he said. "I don't know how many had renter's insurance. A lot of my tenants are undergrads and are still part of the family policy."

Rutter said that most plans include a liability policy as well.

"If someone falls off your front porch and breaks his arm and decides to sue you, our policy covers you up to $100,000," he said.

Students assume that insurance is expensive, Rutter said. But students can receive both the liability coverage and $30,000 worth of content coverage for $129 per year.

"It equals out to be roughly $10.75 per month," he said. "Divide that among housemates and it really isn't that much."

Students should weigh the consequences when considering renter's insurance, Rutter said. Although students might enjoy the six-week break over the holidays, they would not appreciate coming back to an empty house.

"It all depends on if they can afford to lose their stuff and pay out of pocket," he said.