Renters Insurance

Students are encouraged to check with their family’s insurance provider to determine how their homeowner’s or apartment dweller’s policy might cover their personal property. If this coverage is not provided, students may wish to consider obtaining personal renter’s insurance.

What is renters insurance?

Renters insurance pays for your or others’ personal property if it is damaged or stolen. Renters insurance can cover losses due to theft, vandalism, damage from explosions, water damage, fire and smoke damage, and much more, whether you are at fault or not.

Doesn’t Merrimack College have insurance for its residence halls?

Yes, but it does not insure students’ personal belongings or damage to others’ property if you are found liable for the damages.

I don’t own very much. Do I really need insurance?

Most people think they don’t own enough — or what they do own isn’t valuable enough — to insure. Once you take an inventory of your personal property, you may be surprised by the value of your possessions. Take a look at your inventory and ask yourself, Can I afford to replace all of these things if they are stolen or destroyed? Would I also be able to replace the property of my neighbors or the college if I am found liable for the damage?

How much does it cost?

Prices vary by provider and the factors mentioned above, but a ballpark price for $50,000 of coverage is about $7 to $15 per month. Most insurance companies have a number of options for property and liability coverage, allowing you to select the policy that fits your needs and your budget. Be sure to ask your insurance agent for complete details about:

• Contents coverage
• Replacement value coverage
• Living expense coverage
• Liability and theft
• What is not covered
• Deductibles and payment options
• Discounts for multiple policies and safety equipment, including controlled-access buildings, fire or smoke alarms, fire extinguisher and sprinkler.