Hearing the unnerving sound of squish, squish, squish beneath my feet was not the triumphant return to Charlottesville I had imagined after last year's Winter Break. While I had been off relaxing in the sun, the hot water heater had burst, flooding my apartment. Needless to say, my furniture did not fare well sitting in inches of water. And by "not fare well," I mean that there were thousands of dollars of damages. Some items were completely ruined. Plus, I had to find another place to stay for a couple weeks while the apartment complex made repairs and dried out the carpet. I'll spare you the details of the scuzzy growth of mold, but as you can imagine, the aroma was rather unpleasant. All in all, it was not the most auspicious start to the new year.
The only good news here was that I didn't have to bear the financial loss. The reason? Renter's insurance. Back in September, I paid $100 for a renter's insurance policy. Four months later, the insurance company was writing me a check for thousands of dollars so that I could buy new furniture and find a place to stay. I was even compensated for the time I lost cleaning up the mess. Might be the best $100 I ever spent.
Whether you are an eager first-year, a coasting fourth-year or a tenured professor, let me emphasize one point: You should have renter's insurance. For the purposes of this article, I will reference renter's insurance only, which is technically just a form of homeowner's insurance.
Renter's insurance can protect you from financial loss resulting from theft, fire or other casualty, said Law Prof. Ken Abraham. Although some of you may be thinking, "I don't need renter's insurance because I have nothing to lose - the junk in my apartment isn't even worth stealing!", you're wrong. Even if you're getting by with hand-me-down furniture and ratty clothes, consider this: If a fire wiped everything out, you'd need to replace those items (costing $$). You might need to get a hotel room for a few days if your apartment was uninhabitable (costing more $$). Most policies also provide liability insurance, Abraham said. As any Torts student would tell you, this could be very handy when your classmates come for that study session or party and are injured slipping on your floor.
How much coverage do you need?
Like many legal questions, the answer is that it depends. Everyone has a different quantity - and quality - of stuff. My friend, who rescued a creaky old dining room table from Goodwill, probably needs less coverage than my buddy with the big plasma TV. For starters, add up the replacement cost of all your property and possessions, which should tell you how much coverage you should have at least, Abraham said. Everyone can benefit from liability coverage, but if you've got particularly deep pockets, you may need more. Kim Hughes, the State Farm agent who sold me my renter's policy last year, said she always tries to tailor insurance to meet the individual or family needs. If you already have insurance, she suggests that you take the time to review your coverage because you may need to adjust it. If you rewarded yourself after a busy summer at BigLaw with fancy new electronics or clothes, you may now be underinsured if you haven't adjusted your policy coverage.
Special issues
If you have special circumstances, you may have special needs. Many policies limit coverage amounts for certain things, such as jewelry or collections. If you have an engagement ring or valuable stamp collection, you may need a special rider or endorsement. Read your insurance policy carefully to understand and ask your insurance agent if you have questions.
Where to get insurance
There is no shortage of places to buy insurance. A quick Google search of "renters insurance" among local businesses in and around Charlottesville returned more than 700 results. It probably makes sense to check with your car insurance company because you often can get a special deal if you have multiple policies with the same insurer. You also might ask your friends about which company they prefer. Like most things, shopping around can save you money. Cost is important but it's not the only factor. You want to be sure that your insurer will be able to pay out if you have a claim. You'll also need to make sure that you compare policies that are equivalent as far as terms and conditions. I'd suggest getting quotes from two or three reputable companies.
The most important thing, though, is simply to have renter's insurance. Hopefully your laptop won't be stolen, nobody will get hurt in your apartment and you'll never end up with squishy socks. You can't control whether those things happen, but you can insure yourself from financial calamity. Do so.
Ben's column runs biweekly Thursdays. He can be reached at b.grosz@cavalierdaily.com.
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