Spring Break
Liberty Mutual lecture dispels insurance myths
Max Lemanowicz
Issue date: 4/21/09 Section: News
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The presenters discussed the importance of having different types of insurance, focusing on information regarding renters and home insurance policies.
According to Ian Brinkley and Jason Ferguson, the two sales representatives from Liberty Mutual, renters insurance is important for recent graduates because they are no longer under the direct care of their parents. Many graduates come out of school with several job offers and they need coverage on their personal property in the event of theft or water damage.
"For most people, their parents take care of everything up until they graduate from college," said Brinkley. "We are trying to show students and people in general the importance of having coverage on their personal property. Students also need to have liability coverage to prevent themselves from being sued."
Potential liability related issues include incidents such as if you leave the water running and it damages another person's apartment, if someone gets injured or if there is a fire.
"In the event of a fire, we provide a loss of use service, which means that we will provide money for you to stay in a hotel until you can move to a different location," Brinkley said.
Brinkley suggested that people who get renters insurance should also get a water backup. This endorsement is something extra, but it is only around two dollars more a month and will cover things like a sprinkler system going off or any type of water leakage.
According to the representatives, renters insurance is affordable and costs between $75 and $150 a year, depending on the amount and type of coverage desired.
"We strongly push people to consider renters insurance because it's just so inexpensive," said Ferguson. "It's ridiculous why people wouldn't want to get it because it will save them potentially thousands of dollars in the short run and in the long run."
Next, the presenters moved on to auto insurance, a subject that many students find confusing.
The presenters explained that "full coverage" covers the driver and those in the car with that driver. Liability insurance covers the other driver and insurance shoppers have the opportunity to choose how much liability they want to supply the "other" driver in the event of an accident.
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