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College Students, Families Urged to Understand Insurance Options as Number of Renters Surge

Business Wire, Sept 09, 2009

HARTFORD, Conn. — Increased spending on items taken to college and a national rise in the
number of renters has prompted insurance experts from Travelers (NYSE: TRV)
to relay the importance of understanding renters insurance.

The National Retail Federation said college students and their families
will spend an average of $618.12 on back to school merchandise this
year, a 3 percent increase from last year. If those students are taking
their personal items to an off campus apartment, it’s best to check with
an independent insurance agent to consider the need for renters
insurance.

In addition to college students moving to apartments with expensive
high-tech gadgets, the U.S. Census Bureau recently reported that the
number of renter-occupied housing units nationally increased from an
estimated 35,678,000 in the first quarter of 2008 to an estimated
36,426,000 in the first quarter of 2009. This is an increase of nearly
750,000 renters.

“Anyone renting property needs to understand that the investment they’ve
made in their personal items will not be protected without the proper
insurance policy,” said Elaine Baisden, Vice President of National
Property for Travelers. “Between laptops, iPods and other electronics,
it’s a big financial investment, so it’s important to be able to replace
them in the event that they are damaged or stolen.”

Renters need to protect items that they have purchased including things
like furniture, clothing and appliances since they are generally not
covered by the landlord’s insurance. Renters insurance provides
financial protection for personal possessions in the event of theft,
fire, and plumbing losses. It also provides liability
protection and other valuable coverage for the renter.

“If you owned a home, you wouldn’t go without a homeowners policy, so
just because you’re renting doesn’t mean you should forego insurance. A
renters policy offers peace of mind at a relatively nominal cost,” said
Baisden.

To learn more about renters insurance, read Renters
Insurance 101, talk about it with an independent
insurance agent or visit Travelers.com.

About Travelers

The Travelers Companies, Inc. is a leading property casualty insurer
selling primarily through independent agents and brokers. Travelers
understands that life and business are inherently dynamic and that the
best way to serve customers is to deliver insurance in-synch with
evolving risks. The company’s diverse business lines offer its global
customers a wide range of coverage in the auto,
home
and business
settings. A Fortune 100 company, Travelers has 33,000 employees and
generated revenues of approximately $24 billion in 2008