With rising college tuition costs, hectic class schedules, and social engagements, renters insurance is not typically on the top of a student’s priority list. Depending on the student’s situation, neglecting to purchase renters insurance could be costly. The protection and coverage a student needs will depend largely on where they live during the school year.
Typically students that live in a dorm or on-campus housing don’t have to worry about renters insurance because their parents’ renters or homeowners insurance will cover the cost of any losses or damage items. You will want to check with your agent to make sure, but as long as the parents’ policy includes “off-premise coverage” any loss or damage items should be covered. There are limits and deductibles that apply to this type of coverage so be sure to read your policy fully. For example, claims made by a student living on-campus could be limited to 10% of the parents’ coverage limit.
Once a student moves off-campus they are no longer considered eligible for coverage under their parents’ renters or homeowners policy. Your own renters’ policy may be a good way to help protect your personal items from any theft or damage. Keep in mind that a landlord or a roommate’s policy typically will not cover the loss of your personal belongings. You can, however, purchase your own renters’ insurance policy or with a roommate together.
The cost of renters insurance is affordable, usually less than $200 a year. Don’t make the mistake of thinking your personal belongings are not valuable enough to be worth protecting. College students typically have high valued items such as electronics, books, and furniture, that make renters insurance a small price to pay for protection.
Additional Information on Renters Insurance: