A lesson about what is a renters insurance. Students learn about Renters Insurance, including its key coverage types, cost estimation, policy types, and the significance of risk management to best protect assets and avoid potential financial issues when renting.

This lesson covers the key components of such policies, illustrating how they serve as a financial safety net for individuals renting their living spaces. From understanding the various types of coverage, such as Personal Property, Liability, and Additional Living Expenses, to learning how to determine your coverage needs based on an inventory of your possessions. It further sheds light on the reasonable costs of Renters Insurance, and also outlines the differences between Actual Cash Value and Replacement Cost Value policies. Learn the necessary knowledge to manage potential risks, secure belongings, and shield yourself from unforeseen financial pitfalls.

CONCEPTS

Use this video lesson on the topic of renters insurance. Learn related concepts of:

• Risk Management
• Liability Coverage
• Financial Decision Making
• Financial Planning and Money Management
• Cost-Benefit Analysis
• Asset Evaluation and Protection

GRADE LEVEL

8-12th grades. Middle School. High School. College. Adult Education.

TIME REQUIRED

45-60 minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students.

PROCEDURE

Hand out the worksheet below (see the GET LESSON button near the bottom of the page).

Show students the video and have and have them complete the worksheet.  Review the questions on the worksheet.  A more comprehensive and detailed lesson plan can be accessed below for further instruction and study.

What is Renters Insurance?

After watching the video, have students tell what the most important things they learned from the video.

 

Lesson Plan: Understanding Renters Insurance

Lesson Objective:

By the end of the lesson, students will be able to:

• Define what Renters Insurance is and its importance.
• Identify the three major types of coverage provided by Renters Insurance.
• Understand how to calculate the amount of coverage needed.
• Distinguish between Actual Cash Value and Replacement Cost Value policies.
• Recognize the cost-effectiveness of Renters Insurance.

Materials Needed:

• Video titled “What is Renters Insurance?”
• Whiteboard/Blackboard
• Marker/Chalk
• Handouts with discussion questions
• Quiz materials

Lesson Procedure:

1. Introduction (5 minutes)

– Start the lesson by asking if anyone rents their living space, or knows someone who does. Discuss their current understanding of Renters Insurance.

2. Video Presentation (15 minutes)

– Play the video titled “What is Renters Insurance?” and encourage students to take notes.

3. Group Discussion (15 minutes)

After the video, divide the class into small groups and provide each group with handouts containing the following discussion questions:

  1. Can you define Renters Insurance in your own words?

  2. What are the three major types of coverage provided by Renters Insurance?

  3. Why is it important to have Renters Insurance even though your landlord has insurance on the building?

  4. How would you calculate how much coverage you need?

  5. What’s the difference between Actual Cash Value and Replacement Cost Value?

  6. Why might Renters Insurance be seen as a cost-effective solution?

  7. Can you think of a real-life scenario where Renters Insurance would be beneficial?

Discuss these questions as a class, allowing each group to share their responses.

4. Activity: Inventory Listing (10 minutes)

For this activity, ask students to create a hypothetical list of personal items they might have if they were renting a living space. They should then estimate the value of these items. This will help students understand the process of calculating how much personal property coverage they might need.

5. Review and Clarification (10 minutes)

Summarize the key points from the video and the discussions, and clarify any questions or misconceptions.

6. Quiz (10 minutes)

– End the lesson with a quiz (see below) to test students’ understanding of the topic.

7. Conclusion (5 minutes)

Recap the importance of understanding Renters Insurance, not just for protection of personal belongings, but for overall financial security. Encourage students to do further research if they, or their family and friends, are currently renting or considering it in the future.

Homework

Ask students to discuss what they learned about Renters Insurance with someone who is currently renting but does not have Renters Insurance, and note their reactions or any interesting comments for class discussion in the next session.

 

Lesson Resources

• What is Renters Insurance? A Beginner’s Guide