Many students at Iowa State have given up dorm life for a rented house or apartment. Most students enjoy the convenience and privacy of living in their own place but probably have not considered protecting their possessions.

Wendy Frost, a licensed assistant at American Family Insurance, 507 Main St., highly suggests students look into purchasing renter’s insurance coverage.

“If they’re still covered under their parents’ homeowner’s policy, then [renter’s insurance] is not as necessary,” Frost said, “but if they aren’t covered under their parents’ homeowner’s policy … they really need a renter’s policy just to have coverage for their personal property.

“If the place were to burn down and they had no coverage, they’re out in the cold,” she said.

Mike Levine, attorney at ISU Student Legal Services, is also in favor of renter’s insurance. He said it’s an excellent way to protect the renters’ insurable interests in their personal property. He said the trouble students had during the floods of 1993 is a good example of when renter’s insurance would have been valuable.

“There were a lot of apartments over on Duff and [in the] Squaw Creek … area where students lived,” Levine said. “Clothing got damaged, stereo equipment got damaged. It’s surprising how valuable some property is when you don’t think about it ahead of time.”

Levine said sometimes “acts of God” happen, and it is nobody’s fault if damage occurs. The only way to recover losses is through insurance, and unfortunately, many students do not visit an attorney until after the damage is done.

“We have certainly seen situations where, as an example, someone goes to sleep with a candle on in their apartment,” Levine said. “[This causes a fire and] substantial damage not only to their unit, but to the structure and to other people’s personal property.”

Levine said damage to rented property can be very serious and substantial and can cost thousands of dollars. Unless the renter is independently wealthy, the only way he or she can avoid bankruptcy is to have some insurance for protection. He said renter’s insurance includes coverage for personal property and liability.

Frost said theft is another potential problem renters face. She added that some older buildings might not have updated wiring, which could increase the likelihood of a fire. She also said if lightning were to strike and blow out a computer, renter’s insurance would cover that as well.

Frost said the average cost for a renter’s policy is about $100 per year, and the minimum renters insurance policy covers $10,000. She said a renter’s possessions can easily add up to that amount, making insurance a necessity.

The biggest misconception, Frost said, is that the policy covers an entire household, which is not true. Roommates who are not related each must have their own policies.