RALEIGH — As the calendar turns to August, many of North Carolina’s college students will be returning to school and moving into dorms, student housing or apartments this month. State Insurance Commissioner Mike Causey is offering tips to students who may not be aware of important insurance coverage options when it comes to save-guarding their possessions.
A survey conducted by the National Association of Insurance Commissioners found that while 35% of Generation Z adults had protection plans for their mobile phones, only 21% had renters’ insurance. Generation Z, also known as Gen Z or Zoomers, are those born from 1997 to 2012.
Renters' insurance coverage provides protection for the contents of a home and other personal belongings owned by others who may live there. Coverage addresses certain types of property that are susceptible to loss, such as money, securities, jewelry, furs, manuscripts, stamps or coins.
One option an insurer has is to consider scheduling items separately and for an additional amount of insurance.
“A renters’ insurance policy is something that Gen Zers heading off to college or getting an apartment should have,” Commissioner Causey said. “Many may not know that the landlord’s insurance policy will not cover the renter’s personal items, such as clothing, furniture, televisions and other appliances, cookware, laptops and other belongings in case they are lost in a fire, storm or stolen. Landlord policies only cover the building itself.”
The survey found that only 19% knew what “out of network” meant. Only 27% of Gen Z adults could define “deductible” and 29% knew the definition of “copay.”
Thus, Commissioner Causey is offering the following tips to students and their parents can use regarding renters’ insurance policies:
A renter's policy can shield you from liability for injury to others or damage to the rental property because of fire, smoke or explosion.
