Does your college student need renters insurance?

Understanding renters insurance for college students

Though landlords often have their own insurance, their policy typically only covers damages to the building itself. That’s why renters insurance was designed to help college students protect their belongings and finances.

Renters insurance helps cover your college student’s property and personal liability if they rent a house or apartment. The loss of personal belongings from certain events called “perils” is generally covered by renters insurance. These perils may include theft, fire, smoke, vandalism or accidental water damage. Renters insurance also helps protect your child’s personal liability in case an accident occurs in their home. This means if someone slips and falls and is injured inside their unit, their renters insurance could help cover the cost of legal fees or medical bills.

How much does renters insurance for students cost?

Renters insurance is often considered a budget-friendly coverage option, helping make it a good fit for college students and renters in general. A typical renters insurance policy may cost between $12 and $25 per month for up to $15,000 to $30,000 in coverage.

How much renters insurance coverage do college students need?

The amount of coverage your child may need likely depends on the value of their personal belongings. As you and your child look into different coverage options, take into consideration the worth of important items like their laptop or computer, gaming consoles, pieces of furniture like desks or dressers, and other valuable items like jewelry and clothing.

Do college students need renters insurance in on-campus housing?

College students living on campus in a dorm generally do not need their own renters insurance because they’re often covered by their parents’ homeowners insurance. This is because students living in dorms are typically still considered legal residents in their parents’ home and only part-time residents at school.

How does my homeowners insurance cover my college student?

Typical homeowners insurance coverage generally extends to students living in a dorm on campus. This includes the homeowners policy’s personal property and liability coverage. Keep in mind, some homeowners insurance policies may have limitations on the amount of coverage that extends to on-campus housing. For that reason, it’s important to check with your insurance provider to ensure that your child’s personal property and liability are covered and to what extent while they’re away at school.

Do college students need renters insurance in off-campus housing?

When living off campus in an apartment, house, fraternity or sorority under a separate lease, your student may not have coverage through your homeowners insurance. Many policies don’t extend to off-campus housing because students living under a separate lease are often considered to be living on their own. For this reason, it’s beneficial to work with your insurance provider to review the limitations of your policy and determine if your student living off campus may need their own coverage.

While students in dorms live with resident advisors, those living off campus are on their own. As a result, the risk of accidents and damaging events could potentially increase. Thankfully, renters insurance is here to help. At budget-friendly rates, your college student can get coverage for their belongings and liability in case of covered accidents.

Different coverage options for student renters

While researching renters insurance, it can be helpful to explore different insurance providers to see which types of coverage they offer. College students can be prone to accidents, so checking that your student’s renters insurance policy covers personal belongings and liability can help ensure they’re covered when they need it. You may also want to find college renters insurance with loss-of-use coverage, which helps cover living expenses if their rental becomes unlivable due to an accident.

What if my student has a car at school?

Car accidents and vehicle break-ins could happen at school like any other damaging event. If your student is bringing a car with them to college, it may be wise to explore bundling renters insurance with auto insurance. This can help them save on insurance while covering their needs.

How can my college student get renters insurance?

Getting a renters insurance policy can be as simple as going online and submitting a quick application. Consider comparing quotes from different insurance providers to find the policy that best fits their needs and budget. When it’s time to apply, they may need to provide general information like their new address, name and when they’d like to start their policy.

Make sure to review the details of the policy, including coverage amount, monthly premium, deductible and how often their provider would like them to pay (monthly or annually). If they have any questions before signing, reach out to an agent or customer service.

At college, students have lots of opportunities to meet new people and try new things. With all that’s going on, it’s possible some accidents could occur. Get a quote through the TruStageTM Auto & Home Insurance Program to begin the search for renters insurance today.