Talking Renter's Insurance to Your Kids
By Dennis Goebel, Vice President, Liberty Mutual Insurance Company
You’ve been your children’s source for insurance for 18 years or longer. But now they’re moving into
their own apartments and should probably get insurance for themselves. But insurance isn’t exactly a
burning issue in the minds of young adults—even those who have lived on their own for a while. So if
you want your kids to be properly insured, take the lead and explain the benefits in terms they can
Help them make an inventory of their belongings.
Young adults often mistakenly believe that they do not own personal property worth insuring. True,
they may not yet be collecting antiques or fine art, but in this high tech era, remind them that they own
a computer and printer, smart phone, iPod, high definition or plasma TV, and digital camera—not
forgetting a closet full of designer clothes, a box of jewelry, or sporting goods. Show them how the
value of their belongings adds up, that replacing them would be a huge financial burden if they were
stolen, and that for as little as $20 a month, the cost of renters insurance is a bargain given the level
of protection and sense of security it provides.
Educate them about what a landlord’s insurance covers—or doesn’t.
Apartment dwellers often live with the false belief that, if an apartment building suffers fire damage,
they are covered by the landlord’s insurance. But the truth is that only the building is protected—not
their personal belongings. The same rule applies to theft as well.
Review the protection benefits that will appeal to their “on-the-go” lifestyle.
Explain to your kids that renters insurance doesn’t stop when they leave their apartments, and that
their personal property is also covered in their car, on vacation in a hotel room, and when they move
to a new place.
Give them examples of when they’d be happy they had Personal Liability coverage.
Liberty Mutual Renters insurance also covers your kids if they accidentally damage someone else’s
property or accidentally cause an injury. If they don’t think that will happen, ask them how they would
pay for damage to a neighbor’s furniture and rug if their bathtub overflowed and water seeped into the
apartment below. Or if a repairman slipped and fell on their recently waxed kitchen floor and sued
them for his broken ankle.
With these convincing arguments, your kids will thank you for making them see that the benefits of
renters insurance far outweigh the expense.
Liberty Mutual is a responsible company that delivers expert advice and caring service. For more
information, please call 1-866-477-4111 or visit www.libertymutual.com/ukaa
Coverage underwritten and provided by Liberty Mutual Insurance Company and its affiliates, 175
Berkeley Street, Boston, MA 02116. ©2012 Liberty Mutual Group. All rights reserved.