Living on or off-campus as a college student means you have valuable belongings to protect. While unexpected events like theft, accidents, or fires can occur, having renters insurance can provide financial security and peace of mind.
Is Renters Insurance Necessary for College Students?
Colleges or universities typically are not liable for damage or theft of your personal belongings, such as electronics, clothing, or furniture. College students may need renters insurance if:
- Their parents’ home insurance doesn’t cover belongings at college.
- They live in an apartment where the landlord requires renters insurance.
Do College Students Living in Dorms Need Renters Insurance?
While renting a dorm, students may be covered under their parents’ homeowners insurance, but there could be limitations. If the student has changed addresses or declared residency in another state, it may be necessary to purchase renters insurance.
If parents do not have homeowners insurance or the coverage is limited, a renters insurance policy can fill in the gaps.
Do College Students Living Off-Campus Need Renters Insurance?
Students residing off-campus may be required by the landlord to have renters insurance as part of the lease agreement. While their parents’ homeowners insurance might extend coverage to the off-campus residence, this typically only applies if the parents’ home is the student’s permanent residence. It’s recommended to verify this with the insurance agent.
What Renters Insurance Covers for College Students
Renters insurance covers theft and damage to personal property, accidental injuries and property damage to others, and additional living expenses. Here’s a breakdown of the main coverage types:
Personal Property Coverage
This includes possessions such as electronics, clothing, furniture, jewelry, and artwork. Standard renters insurance policies cover various causes of damage, but do not cover earthquake or flood damage.
Personal Liability Coverage
This pays for unintentional injuries and property damage caused to others, as well as associated legal costs.
Medical Payment Coverage
Pays for minor medical claims if someone gets injured in the student’s home or even away from their property.
Additional Living Expenses Coverage
If the student cannot reside in their accommodation due to a covered event, this coverage pays for additional costs such as hotel bills and meals.
What Renters Insurance Doesn’t Cover for College Students
Renters insurance does not cover accidents in common areas, damage due to earthquakes, floods, or landslides, pet damage, or damage to the building.
Cost of Renters Insurance
Renters insurance costs an average of $14 a month for $15,000 worth of personal property coverage, which includes $100,000 in liability coverage and $1,000 in medical payments coverage. The cost depends on factors such as coverage limits, deductible amount, credit, and claims history.
Getting Renters Insurance as a College Student
Calculating Coverage Needed
Creating a home inventory can help determine the amount of personal property insurance needed. Additionally, renters insurance policies include default liability coverage, but students can increase this amount as needed.
Choosing Insurance Companies
Consider insurers already known to the student, and compare quotes from different companies to find competitive prices and additional coverage options.
Comparing Quotes
Get quotes for the same coverage level from multiple insurers either online or through agents, ensuring an apples-to-apples comparison.
Selecting a Company and Applying
After comparing quotes, choose a renters insurance policy that best fits the student’s needs and budget.
Is Renters Insurance Worth It for College Students?
Renters insurance is worth it for college students due to its affordability, coverage for lawsuits, protection against minor injuries, coverage for temporary housing, and the limitations of a landlord’s insurance.
