CHICAGO- As students graduate from high school and college next month, and in many instances enter into financial independence, the Property Casualty Insurers Association of America (PCI) encourages them to continue their education by talking with insurance professionals about protecting their future.

April is Financial Literacy Month and PCI is highlighting the importance of preparing financially for life’s transitions and emergencies. Money management skills are particularly important for young people starting careers and becoming financially independent for the first time. Being financially responsible with a budget, managing debt, credit card obligations, savings and understanding financial documents such as student loans, leases and insurance coverage can have a significant impact on a young person’s life today as well as down the road. By talking with an insurance agent or company, young people can take steps to protect their belongings and financial futures from unexpected events such as a fire or natural catastrophe that can destroy their dreams in moments.

“It’s in everyone’s best interest to have a financial plan in place, and part of that plan should include renters insurance,” said Chris Hackett, PCI’s director of personal lines policy. “Landlords generally insure the building structure, not what’s inside your apartment. While PCI urges college students to purchase renters insurance it might not cross their minds until they move permanently out of the house, and on their own. A renter’s insurance policy will cover expensive items such as computers, TVs, and furniture if something like a theft, vandalism, or fire occurs.”

“If you’re just starting a new career, the last thing you would want to do is replace everything if a pipe bursts or your home is broken into. Many renter’s insurance policies are inexpensive ranging from $150 to $200 dollars a year, and will give graduates the peace of mind they need as they transition into true independence.”

PCI Renter’s Insurance Tips: 

1.) Make sure you include a home inventory by documenting everything you own and how much it would cost to replace items

2.) Use your smart phone to document items in your home and save it in your email

3.) Several insurance companies might offer discounts if you have a smoke detector, alarm system, or if you have multiple policies with the same company. Ask you agent or insurer if any of these apply.

4.) Ask your agent about coverage options, and make sure you’re adequately covered to replace items.

5.) Have your insurance company information such as the claims number information, and a copy of your renter’s insurance policy, in a safe place such as a safety deposit box or stored online. 

PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write over $195 billion in annual premium, 39 percent of the nation’s property casualty insurance. Member companies write 46 percent of the U.S. automobile insurance market, 32 percent of the homeowners market, 37 percent of the commercial property and liability market, and 41 percent of the private workers compensation market.

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