Few collegians have renters insurance

Virginia Commonwealth University junior Yasmeen Telsem doesn't have renters insurance. Until this week, she didn't even know it existed.

"What is it?" she asked.

The insurance covers personal property in case of theft, damage or calamities for those who rent. It also includes some liability exposures.

A study released this week by Allstate Insurance Co. found that more than half of college-aged renters in Virginia (53 percent) reported owning $10,000 to $50,000 worth of possessions, including electronics, furnishings and clothing.

But in the Richmond area, only 38 percent say they have renters insurance, compared with 46 percent statewide. Nationally, 63 percent of those surveyed had no insurance, and 64 percent don't plan on obtaining it anytime soon.

"That really doesn't surprise me," said Kathy Ball, vice president of Richmond-based Ball-Martin Insurance. "A lot of people think it's just not an expense they want to pay for, because almost no one requires they have it."

But Telsem, who lives with her twin sister and others at Capitol Garage Apartments on West Broad Street, said she might look into it after being informed that it costs about $16 a month on average.

"It's probably a good idea," she said. "We have roommates and they have friends come over, so you never know what could happen."

A federal survey of households shows renters are 50 percent more likely to be burglarized than homeowners.

While a landlord's insurance protects his or her property from loss, it doesn't cover tenants' property. Students living in dorm rooms also usually are encouraged by the school to get the insurance if they are not covered by their parents' homeowner's policy.

Telsem said she'd be most concerned about having her laptop stolen or damaged.

"It has everything -- my pictures from school and everything. It has sentimental value," she said. "And my shoes -- oh my God, my shoes!"

The Allstate study reported that if the rental home was damaged or destroyed, 42 percent of the renters said they would be able to afford to replace only a few items, and 27 percent said they spent $100 to $250 on clothes each month. Renters insurance costs about $200 a year.

More than one-quarter of the national respondents believed renters insurance was 10 to 15 times higher than the actual cost.

"The data suggests to me that people aren't thinking past the purchase," said Dave Prendergast, field vice president of the Capital Region for Allstate.

Jon Schlienz, a 20-year-old junior at VCU, knew the cost but decided it wasn't worth it.

"I had it last year for my old apartment in the Fan, but I canceled it for this year because I didn't think I needed it. I have way more stuff to be concerned with -- fraternity dues and saving money to go out -- stuff like that," he said, estimating the value of his belongings at about $20,000.

Many people across the country -- young and old -- share that view.

"The general consensus is that about 76 percent of all renters are uninsured," said Joe Becher, president of RentersInsurance.com. The good news, he said, is that more property owners are requiring it, which he called "very encouraging."

Ball agreed, adding that another benefit that often goes overlooked is the liability coverage included.

"If someone came in your apartment and fell down and was injured and sued you, the liability would cover the injury and lawsuit," she said.

Marion Batts, a 19-year-old sophomore, lives in a VCU dormitory on a 12-month lease. She said she didn't know whether her belongings were covered through the school.

They aren't.

Regardless, Batts isn't interested. "The only people who have keys to every room is the RA, and I lock my door, so I don't really worry," she said.

Contact Wesley P. Hester at (804) 649-6976 or .