Do College Students Need Renter’s Insurance?
When you move away from home, your stuff won’t be covered by your parents’ home insurance policy any more. If you move to a dorm, condo, home or apartment for college, you could face losing your personal property without a way to replace or repair them.
College Students Who Live on Campus
Many students choose to live in a dorm or other types of campus housing. In these situations, the college students’ belongings may maintain coverage through a parent’s homeowners insurance plan.
This is not always the case. Students should contact the parent’s insurance agent to verify this information; however, it is common for those under the age of 26 and living on campus to have coverage. There are usually limits, nonetheless. Many policies limit the coverage on off-premises claims. The home insurance agent can provide specific information whether this is the case.
Some policy limits are significant. If the policy is too limiting, consumers may be able to choose a rider to expand dorm coverage. Riders add additional value to the policy. They can protect a specific item of high value. They can also extend the overall coverage of the plan.
College Students Who Live Off Campus
It is very common for students to live off campus. This means the student will rent an apartment or other property. Most parent’s home insurance policies do not extend to off-site locations. Renters insurance for college students becomes important in this case. Renters insurance can help protect:
The student’s belongings, such as clothing
Laptops and other electronics
Liability claims related to someone else’s injuries or accidental damage to another person’s belongings
This type of insurance often covers fires, theft, vandalism, and storm damage. Read through the policy details to be sure.
Renters insurance has limits as well. This type of policy will usually limit how much coverage it offers per personal item. It also limits total claims. Only property owned by students and at their rented property usually gains coverage. Items left at a parent’s house do not.
Before a student heads off to school, consider insurance. Protecting the individual from potential loss is very important. Without this coverage, students may face risks such as theft and fire. A single event may cause the individual to lose all of his or her belongings. To avoid this, ensure a comprehensive
renter’s insurance plan is available and tailored for the college students’ needs.