Renters insurance - Spencer Insurance Agency, Inc

Is your child settled into college?

 

Now is the time to ask “How does my college student affect my car and home insurance?

Congratulation on your child’s achievement!  As you prepare to send your child to college let’s review some important items.

Is their “stuff” covered on while at a dorm or off campus apartment?

Generally, as long as your child is a full time student, was a resident of your house before moving to college, and is under age 24 there is some coverage for the students “stuff” while they are away at school. However, that coverage is generally limited to 10% of your contents (Coverage C) on your homeowner’s policy. For example, if the contents limit on your policy is $140,000, your child would have $14,000 of coverage for the “stuff” in his dorm room. There are limitations on certain items including computers, jewelry, musical instruments and collectibles.  If your child is taking any of these items with them to school, give us a call to review.

What if my child has a roommate and they buy “stuff” together?

In this situation you should consider a Renter’s policy to cover both your child’s and roommates stuff.  As long as both children are on the lease most companies will write one renter’s policy covering both children.  Call us to discuss your situation.

How does my child going to college affect my car insurance policy?

If you have a student away at a college that is over 100 miles and they do not have a car with them, we can add a discount for “Child Away at School.”  If your child is taking their car to a college that is in the same state you reside, then we may be able to rate the car as being “garaged” at the college, rather than your household.  If the collage is out of state, however, it would need to remain as rated at your home address.

If you have any questions, give us a call at 215-885-2200 or contact us from our website and discuss your situation with our experienced staff.

Congratulations to all our college graduates!

 

Many of our clients have sons or daughters who graduated from college.  Spencer Insurance would like to congratulate all the graduates!

As your graduate moves on in life let us help guide them in their insurance needs.  College graduates need insurance too!

What happens to your car insurance if your graduate moves out of the house and takes one of your cars or buys a new car?  What if they move to another state?  New Jersey Car insurance is not the same as Pennsylvania car insurance.

Another insurance policy that is often overlooked is renters insurance. Many young graduates feel their personal property is not worth insuring.  I know he is my son but read what Brian says about renters insurance at his Philadelphia apartment.  “Spencer Insurance Agency has always been there for me, but when it comes to renter’s insurance, they really came through. After college when I moved into my first apartment in University City, my roommate and I had never heard of renter’s insurance and had no idea it was something we should get. Luckily for us, my dad and Spencer Insurance Agency were there to keep us covered. Now, I must admit, my dad is the owner of Spencer Insurance Agency which obviously makes me bias. However, what follows is 100% true and will hopefully convince anyone that renter’s insurance is crucial for any renter, even if you don’t use Spencer Insurance Agency.

In January of 2007, a fire broke out in the row home connected to ours. The firewall between our two apartments kept the fire from spreading into ours, but it did not stop the smoke. It also did not stop the water from flooding into the apartment through the hole the firefighters cut in our ceiling to release the smoke as they put out the fire. When all was said and done, we started the process of cleaning the things that could be cleaned and replacing the things that needed replacing, as we also searched for a new apartment. Before the fire, when I was first told how much coverage we should get, I laughed at my dad, thinking there was no way the old second-hand stuff I had collected while in college was worth that much. However, the cost of coverage was cheap and I trusted my dad’s advice. When the final costs of the fire had been settled and I realized I had spent close to $15,000 cleaning/replacing everything, I was very happy I had taken his advice. I didn’t pay for a thing, just my renter’s insurance and a small deductible.

Hopefully my story will convince anyone on the fence that renter’s insurance is well worth the cost. If you decide to get it, I highly recommend Spencer Insurance Agency. Yes, Charlie is my dad, but that doesn’t change the fact that he is one of the most honest men I have ever met, and he will provide you the same level of service he does to his own son.”

I hope you listen to Brian’s advice and give me a call.  Renter’s insurance policies can cost less than $150 a year.

There are other insurance policies you should consider for your college graduate. If your graduate has student loans that you personally guaranteed then you should consider a very inexpensive term life insurance policy.

Give us a call at 215-885-2200 or contact us on our website. Check out information on other life changing events like getting married, getting divorced, having a baby, adding a teen driver or downsizing and preparing for retirement.  Check out how these life changing events impact your insurance policies.

Send your graduation pictures to me at cspencer@spencerinsurance.com.  We would love to congratulate your graduates on our Facebook page and newsletter.

Do you know someone who rents?

 

 

After you hear the statistics you will know why I ask you to forward this article to anyone you know who rents.  It does not matter if the place they rent is an apartment, condo or house.

According to an April 2016 survey for insuranceQuotes.com carried out by Princeton Survey Research Associates International, nearly 70 percent don’t have renter’s insurance.  Some of the reasons given for not have renter’s insurance include: “My Landlord has insurance, Renter’s Insurance is too expensive, my home has good security, I don’t have enough property to insure, I don’t understand renters insurance and I don’t know where to get it.”

Let Spencer Insurance help you.  Renters insurance cost can be as low as $100 depending on where you live and how much coverage you choose.  Your landlord’s policy does not cover your belongings.  In fact we are finding more apartment complexes that require a renter to have renter’s insurance so the renter knows the landlord’s policy does not cover them.

Renter’s insurance not only covers your contents it also provides liability insurance.

When my son Brian was renting an apartment while in grad school he purchased a renter’s insurance policy from his Dad as instructed. J  He was glad he did.  There was a fire from the apartment next door that caused smoke and water damage to his apartment. Even though he thought his contents did not amount to much since most were hand me downs, he found that when he had to clean and/or replace items after the fire it ended up costing him $15,000.  He was glad he had insurance to reimburse him.  Check out Brian’s story.  Nice to know that your children follow their father’s advice.

Check out our website for more information on renter’s insurance.  Better yet contact us today!

Important Reminder to Parents packing up their children for college.

college packing

 

This is the time of year when parents start getting their child ready to go away to college. The many shopping trips and the packing will consume much of your free time.  Did you know having a child away at college can have impact on your auto and homeowner’s insurance?

Spencer Insurance Agency has some valuable information for parents so they can learn how this special event impacts their insurance coverage.
Check out our website for a discussion of the following:

  • Is your child’s stuff covered while they are away at college?
  • What if my child and roommate buy stuff together?
  • How does my child going to college impact my car insurance rates?

Another area you need to consider are college loans.  Did you cosign any of the student loans?  Did you take out a home equity loan to help pay for college tuition?

You should consider an inexpensive life insurance policy on your child to cover loans in the event of your child’s death. Student loan debt can add up quickly and become a burden to the family.  Protect yourself financially.

Give us a call at 215-885-2200  if you would like an insurance review.  Good luck with all the preparations during this special time.

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