Do New College Students Need Renters Insurance?

College isn’t cheap. Between tuition, books, school supplies, dorms and other living expenses, adding an additional expense like renters insurance might sound like a luxury you can’t afford. So why spring for the additional coverage? The answer is simple: college housing units and apartment complexes are easy targets for thieves. In fact, according to a government survey, 30,000 or more burglaries related to college students and campuses are reported each year.

College students don’t seem to mind spending thousands on electronics or other gratuitous expenses, but often overlook basic necessities, such as renters insurance.

But just what is renters insurance and what does it cover?

Renters insurance is a policy that covers all of the property owned by someone currently living in a rental property. Most dorms count as rental properties in the eyes of insurance companies, and if you’re living in an apartment that’s near campus, renters insurance is a no-brainer.

So how does renters insurance differ from a homeowner’s insurance policy?

If you’re renting, someone else is the actual owner of your property, and they are required to pay their normal homeowner’s insurance as the owner of that property. Their policy doesn’t protect your belongings, but a renters insurance policy does – even if it’s damaged away from the rented property. If a student breaks their laptop on the way to school, renters insurance can help pay for a new one.

And renters insurance is good for even more.

If the property you’re residing in is damaged, your renters insurance could help you pay for destruction cause by fire, flood, storms, and other unpredictable forces. Even if those damages are so severe that they make the property unlivable, renters insurance can save the day by helping a student pay for additional living expenses while repairs are being handled. This policy even protects your student is sued by someone why was hurt on their property – an extremely important consideration to make if your student has a dog.

Price can be an issue for many, so we’ll be the first to tell you that renters insurance policies are relatively cheap when compared the the costs of repairing a broken electronic device (or, in some scenarios, the rented property). The national average premium is less than $200, and that’s not monthly – that’s annually. For only an average of $16.67 a month, you could have the peace of mind that if an essential gadget is broken, there will be money to fix it.

For many parents and students, it comes down to one final question: Is a renters policy required? That depends. It is not often mandated by the school, but it is frequently required by property owners. Even in the cases when it’s not, however, it is still a good idea to be safe. And for such a minimal monthly cost, it seems silly to pass on the financial self-protection and safety net that renters insurance provides for college. Call or click today to learn how a cheap renters insurance policy can change everything for the better.