On college campuses, many accidents and misfortunes can occur that cause exorbitant amounts of money to be spent on repairs.
Next Generation Insurance Group, based in Boston, has a partnership with Texas Tech for affordable renter’s insurance for college-aged people.
John Fees, co-founder and CEO of the company, believes this type of insurance is a necessity for students living both on and off campus.
“What most parents don’t know is that their students are actually not covered in cases such as personal items being stolen,” he said. “Without renter’s insurance, they will wind up having to pay for all the damages and lost items out of their own pockets.”
Fees said the renter’s insurance such as the one at NGI is set up to where a monthly fee will give a student property and liability insurance as well.
“Regular insurance just covers accidents that damage property,” he said. “But if something happens to a student and they have to pay for property damages or for a lost item, this insurance will help cover that.”
50 percent of colleges require students living off campus to have coverage, and on average about 70 backpacks are stolen on the first day of classes, Fees said.
Dominique Sanchez, a sophomore mechanical engineering major from Plano, purchased a plan similar to the ones NGI offer after his friend’s expensive bicycle was stolen last year.
“He had to save up again to buy a new one because his insurance company didn’t really do anything about it,” Sanchez said. “After that, I figured it might be a good idea to do something in case something like that happened to me.”
The plans offered for college students at NGI are designed to have a low deductible so college students can afford it, Fees said. NGI’s renter’s insurance includes $5,000 of personal property protection and $50,000 of personal liability coverage, averaging about $16 a month.
“Money was the main thing I was worried about because as a college student, I didn’t exactly have a lot of money to spare,” Sanchez said. “The plan I got was really reasonable, though, and worked with me to set a fair price that I could afford.”
Annie Danner, a freshman environment and humanities major from Salado, said she has already considered purchasing renter’s insurance in the future.
“I think this kind of thing is a great idea for college students,” Danner said. “Especially next year, if I move into an apartment, I would definitely consider getting it.
In today’s era, with the prices of things such as electronics and apartments, liability insurance is almost a necessity for college students, Fees said.
“I’ve heard about accidents like that happening, but I’ve also kind of been in a state of blissful ignorance about it for awhile,” Danner said. “You don’t really think about anything bad happening to you until you’re actually put into a situation.”
Any student interested in learning more about protecting their personal belongings in case of an accident can go to www.gradguard.com or talk to their housing and insurance companies, Fees said.
“This is something that is important for students to have now to help prepare them for when they grow up, as well,” he said. “I know they don’t necessarily want to think about accidents happening to them, but sometimes awareness is the only thing that can help you actually do something about it.”