Frequently Asked Questions
Q: Should I obtain renters’ insurance?
A: Before moving into your new rental home, make sure your belongings are protected. Landlords and property owners are typically not responsible for your personal property.
There are two main reasons for obtaining rental insurance for your home. First, and most obvious, is to protect your property against theft or damage. Some policies will cover theft of your property from your home and your place of work. Renter's insurance can cover fire and smoke damage, theft, vandalism, damage from windstorms, and many other hazards. Specific coverage will depend on your particular policy.
The second reason to get a policy is for the liability coverage, to protect you from a civil suit based on your negligence. Some policies also pay medical expenses if people are injured on your premises.
Important Considerations
Renter's insurance usually ranges from $55 to $235 a year. To determine
how much coverage you need, add up the cost of replacing all of your possessions.
Every policy is slightly different. Shop around for the policy that meets
your needs. Prices vary from company to company and so does protection.
It is very difficult to quote prices because of the number of variables
involved in rental policies. Many local agents carry policies from several
different insurance companies, so shop for the best deal. Insurance agents
are listed in the yellow pages under "Insurance."
Syracuse University offers a personal property only protection plan to all enrolled students. For more information about this plan, call 1-866-535-0456 or email student@haylor.com. Note that the HF&C policy does not include liability coverage.
Deductible:
Most policies have a deductible. This is a specific amount deducted from
each claim you file. For example, if your $400 camera is stolen, and you
have a $100 deductible, you will, subject to the policy's terms and conditions,
receive $300 in your adjustment. The purpose of a deductible is to eliminate
the paperwork for small claims. Unfortunately, insurance companies and
students may have different ideas of what is small claim. It is a good
idea to shop around because deductibles can usually vary from $50 to $500.
Liability:
Liability coverage can range from $100,000 to up $1,000,000 Check to see
if your policy will cover your attorney costs in a civil suit, and/or
medical expenses to those who are injured due to your negligence.
Variables that Can Affect Your Rates:
- If you live in or out of city limits
- Type of building construction (e.g wood frame or brick) and protection (e.g. theft and fire protection the home has such as dead bolts, smoke detectors, etc.)
- Student or non-student status, and sometimes marital status
- If you live in a complex with four or more units
- If you have other policies with the company (e.g., auto insurance)
- How much property and liability coverage you want or need.
Will I be Covered Under my Parents' Homeowner's Insurance?
Students, up to age 25 are typically covered under their parents' homeowner's
insurance; therefore, you may be covered. Check with your parents to determine
what would and would not be covered in the event of a loss or claim.