You’ve just sent your precious bundle of joy off to college for the first time, along with several thousand dollar’s worth of electronics. The cell phone, laptop, printer, tablet, tv, and various other gadgets could cost you an arm and a leg to replace if anything happens to them. Should you get renter’s insurance for those possessions? It depends….
 
…If they live ON campus – there may be a certain amount of coverage under your homeowner’s policy that extends to off-site possessions. That amount is generally limited to 10% of the personal property coverage on your policy. For example, if you have $50,000 of coverage for personal property, then your student’s belongings may be covered up to $5,000 – probably not enough to replace all of those electronics.
 
…If they live OFF campus – they will need renters insurance, as the homeowners policy probably does not extend to off-campus property. Fortunately, renters insurance is inexpensive and provides several layers of protection. Not only are personal possessions covered, there is usually a certain amount of liability coverage as well. That can cover damage to the property or injuries to guests.
 
In either case, it’s a good idea to have a home inventory of the items your student has in their living quarters. An easy way to accomplish this is to have them take a video with their phone once they are moved in and send it to you so you have a copy.
 
For more information about your coverage and options, contact us at www.insai.biz or call 317-580-0900.

You've shopped around online and found the insurance policy with the lowest premiums. It's going to save you so much money each month. But is it really?

Low premiums are just one component of the cost of insurance. Another important component is the claims process. When researching insurance, try to find out the following:

1. How does the company rate at paying out claims? Check online sources including the Better Business Bureau to see what their reputation for claims handling is.

2. What happens to your insurance if you have a claim?  Depending on the nature of the claim, your rates may not change at all or may go up significantly. The insurance carrier may decide not to renew your policy when it expires if you've had multiple claims.

3. How easy (or difficult) is the claims filing process? Can you talk to a real person if you have questions? Do they keep you updated on what's happening with your claim?

Saving money on premiums can be a good thing. However, some companies make up the difference on the claims end by refusing to pay legitimate claims, or dragging out the process. Make sure you do your homework before jumping at the lowest premium.

An independent agent can do all the legwork for you and can recommend a company that provides a good balance between low premiums and good claims service. The agent can also handle whatever red tape you may encounter during the claims process.