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Add “Review Insurance” to Your College Checklist

Forward Mutual helps parents understand insurance for college students

College students have a lot on their minds this time of year besides meeting up with friends. They’re purchasing textbooks, finalizing class schedules, applying for jobs, and moving into apartments. With classes underway, has your college student considered purchasing renters insurance?

This young group of renters own a significant amount of electronics (including laptops, cell phones, ipods, televisions, and more), in addition to clothes, appliances, and furniture. These possessions may be protected under the parents’ homeowner policy, but special limits may also apply. If they rent an apartment off-campus, college students may not be covered under their parents’ policies. What’s more, if a fire or storm ravages the apartment, a landlord’s policy would only cover the building, not the renter’s possessions.

In a recent survey of apartment hunters by apartments.com, 67 percent of respondents reported not having renters insurance due to the cost of coverage, ignorance about the existence of renters insurance, or the belief that their possessions were not valuable enough to be covered.

What is renters insurance and how much does it cost?

Renters insurance provides coverage for loss or damage to personal property as well as liability coverage for injuries or damages for which the insured person is held liable.

Renters insurance is not expensive. According to the National Association of Insurance Commissioners, the average premium ranges from just $15 to $30 per month—approximately the cost of two pizzas or 3-4 lattes per month. Some companies offer discounts if the renter’s vehicle is also insured through them.

How much coverage do you need?

When purchasing renters insurance, it’s important to take inventory of what’s in the apartment or dorm room to determine how much coverage to purchase. When the dollar value of those items is calculated, the total value may be surprising. Should a claim need to be filed, a comprehensive list of items (including purchase prices and serial numbers) will be required by the insurance carrier. It is recommended to make a quick inventory by taking photos or video of the room(s) or use an app like NAIC’s MyHome Scr.APP.book or the Insurance Information Institute’s Know Your Stuff R®. Remember to store the inventory in a secure, off-site location.

The Office of the Commissioner of Insurance also has a helpful article here on insurance coverage for college students, as well as this publication Insurance 101: A Guide to Insurance Basics for College Students.

To learn more the changing insurance needs of college students or renters insurance, contact Forward Mutual. With peace of mind about insurance coverage, your college student can get back to more important things, like studying for their next exam or finding a date for Friday night.

This article is taken in part from our reinsurance company Grinnell Mutual.

Taking Action After a Disaster

Forward Mutual is here to help in times of disaster

This is the second of two helpful articles by Forward Mutual’s reinsurance adjuster Mike Semrow. His first article offers proactive preparation before a disaster. This second article offers after-a-disaster advice to our home, farm and rental owners. To learn more about filing a claim and recovering from a loss, check Forward Mutual’s website here.  

In times of disaster, Forward Mutual is here to help

After a disaster strikes, you will find yourself in a very emotionally charged situation. This is normal. If your insurance policy was destroyed in the disaster, or if you are confused about policy coverages, limitations or exclusions, contact your agent or Forward Mutual for assistance.

If you have suffered a covered loss, contact your agent or Forward Mutual as soon as reasonably possible to report the claim. Provide as much detail as possible regarding the damaged property. Provide as many means of contact as you can (i.e. home, cell and business telephone numbers, email, etc.).

Here are general guidelines to follow once you report a claim:

  • Ensure your safety and the safety of your family members.
  • Make temporary repairs to the damaged property. It is your responsibility to mitigate against the possibility of further damages. This may include tarping a damaged roof, boarding up broken window(s), contacting utility providers (i.e. electric, gas, water, etc.) to have service discontinued if they pose an additional hazard. If possible, take photos of damage prior to making temporary repairs.
  • Keep all bills and receipts from the temporary repairs. These will be considered as being part of the covered loss.
  • Do not dispose of damaged items until a company representative has examined them and approved of their disposal.
  • After a natural disaster, beware of “storm chaser” contractors. Instead, deal with local, reputable contractors. Ask for local references, contact the Better Business Bureau. Discuss payment terms prior to signing a contract for repairs.
  • After a fire, if the responding department deems the structure safe to enter, remove the small items of value (jewelry, silverware, coin collections, etc.).

Remember, Forward Mutual will strive to provide excellent claim service when a covered loss to your insured property occurs. Taking note of the previously mentioned items will help make the claims process a little less stressful. If you have any questions, feel free to call us at 920-261-6616 or email our office.

Preparation Before a Disaster

Forward Mutual helps homeowners prepare for unforeseen disasters

Forward Mutual’s reinsurance adjuster Mike Semrow recently wrote this helpful article for our annual report. We’d like to pass this along to our home, farm and rental owners to assist them in caring for their property.

Unforeseen disasters sometimes happen

With the exception of certain life insurance policies, most insurance policies are purchased with the intent of never filing a claim. It is a valuable financial planning tool to help protect against various financial exposures.

Your home or farm owner’s policy with Forward Mutual is your protection against a devastating loss. Even though you purchased the policy with the intent of never using it, sometimes bad things happen to good people. Good record keeping, before a loss occurs, is the key to a smooth claim settlement.

Here are a few things you can do before a disaster to make the claims process easier:

  • Keep an ongoing inventory of your valuable personal property items. Record model and serial numbers for expensive items (i.e. televisions, computers, etc.). Keep your receipts for these items. Remember that antiques, family heirlooms, etc., may not be adequately covered unless specifically insured. Photographs of items in a pre-loss condition are always helpful.
  • Keep records of improvements made to your home or farm outbuildings.
  • Keep detailed repair and maintenance records for your tractors and farm implements. Accurate model and serial numbers will aid in providing a quick and fair claim settlement.
  • Review and/or update coverage limits with your agent on an annual basis. Adequate coverage is the best way to make sure you will be made whole after a covered loss.
  • Don’t ignore the small ongoing repairs to your property. Deferred maintenance will not be considered part of a covered loss.
  • Keep multiple copies of your inventories, maintenance and repair records. Preferably in an electronic format.

For more information on how you can proactively prepare for possible disasters, call us at 920-261-6616 or email our office.