Renters insurance—a college student’s best friend
It’s not long until school starts again and college students will move out of the nest and onto or close to campus. At this young age, they might not be aware of insurance needs, but parents should be prepared for anything, especially if your child will live off campus during their university years.
If the college student will be living on campus, their parents’ homeowner insurance policy will cover the kids belongings, too. But those who rent an apartment or room in a home will have to purchase renters insurance if they wish to have their personal belongings safe. This layer of protection does more than just keeping the items safe, not having it and going through an unexpected event could easily disrupt a student’s education.
Parents of college students should make a plan to protect their child and their finances for the duration of the college period. That plan can primarily rely on renter’s insurance. The landlord of the apartment they will live in will most likely have homeowners insurance, but that only covers the building itself, not the renter’s possessions. Renters insurance is a smart decision for college students when:
- It’s too expensive to replace your backpack, bicycle or computer—with renter’s insurance, you can have these items replaced, and without the added stress of a financial loss, the student can get back to classes.
- Your school doesn’t replace stolen or damaged property—check with your school to find out what their policy is and how much money is at risk. However, a 2017 survey of student housing leaders, 98 percent of schools report that they don’t replace stolen or damaged student property.
- You can’t afford to pay for damages caused by you—the policy designed for renters includes personal liability protection and can help pay for unintentional damages when a student cannot.
Keep in mind that it’s ideal to purchase renters insurance before the start of the school. For about the cost of a cheap lunch each month, students and their parents can secure protection against financial losses.