Does My College Student Need Renter’s Insurance?

Renters’ insurance is not legally required in Milwaukee, WI, though a landlord often asks renters to obtain a policy. It’s something that many college students and their parents consider for the following reasons. 

It’s often the norm for college students to need expensive electronics to complete their studies. Young people also like to have a variety of gadgets with which to communicate and for recreation. These can add up to significant costs in the event they are damaged.

Fires can happen in kitchens with inexperienced cooks, and water damage can occur from sprinkler systems when activated. This can also put furniture, clothing items, and textbooks in peril. Smoke from fires will also ruin personal items if the incident is widespread and significant.

Theft can be an issue on a campus filled with young people, and a stolen backpack can contain computers and other vital devices. Other perils can include burst pipes due to freezing, falling objects, or electrical short circuits. 

It cannot be assumed that landlords or even schools will cover these expenses. Usually, the insurance that a landlord purchases will cover their property, as in the four walls, but not the contents contained within. Your Dern & Company representative can go over the details of what would be covered in your specific policy. 

There is also the issue of what can sometimes happen when someone is injured on your premises. Accidents can happen, and these often involve medical expenses. It’s also possible for incidents to escalate into lawsuits to recover lost wages and pay for personal damages. 

Dern & Company helps renters in Milwaukee, WI by tailoring indemnification sufficient for their needs. We invite you to stop by the office, visit us online, or call for more information.