Do College Students Need Renters Insurance?

A female student in a pink coat doing homework on top of a desk in her college dormitory.When your child leaves for college, they bring many of their belongings with them, such as their laptop, wardrobe, and gaming console. But what happens if their property is stolen or damaged? Since they’re living away from home, does homeowners insurance still cover their possessions, or do they need to invest in renters insurance? It can be a lot to ask of a college student to cover the repair or replacement costs of their valuables, so let’s review if college students need renters insurance to keep themselves and their belongings protected.

Do College Students Staying in Dormitories Need Renters Insurance?

Depending on your insurance carrier, if a college student chooses to live in a dormitory or other college-affiliated housing, they may not require insurance. Their belongings may still be covered under their parent’s homeowners insurance. It’s best to consult your insurance agent to determine if your child’s possessions are covered while they live at school. Alternatively, graduate students may be too old to be covered by their parent’s policy. In this case, graduate students should pursue a renters policy of their own to ensure their items are covered.

Do Students Living Off-Campus Require Renters Insurance?

If a student chooses to live off-campus in a non-college-affiliated apartment or house, more often than not, the landlord of the residence will require the student to have renters insurance as part of the lease agreement. Landlord’s insurance only covers the building and not the tenant’s personal property. However, even if renters insurance isn’t required by the lease, it’s still a wise decision to invest in protections for your possessions. Even for students who are unfamiliar with purchasing insurance, it’s easy and relatively inexpensive to invest in a renters policy.

How Does Renters Insurance Help Students Who Need It?

A majority of insurance claims result from property damage and theft, and college is no exception to the rule. Although, that’s not the only thing insurance covers. Investing in a renters insurance policy helps students protect themselves from losses in numerous ways, such as:

  • Safeguarding Personal Property: If a student’s possessions are damaged or lost due to harsh weather conditions or theft and vandalism, renters insurance will cover the repair or replacement costs. However, expensive electronics or jewelry may require additional coverage.
  • Liability Protection: College students are known to throw parties. If a guest is injured on a student’s rental property, renters insurance can help pay for medical costs and legal fees for any ensuing lawsuits.
  • Emergency Housing Coverage: If a covered event was to damage the rental property, requiring the student to temporarily relocate, renters insurance can help with additional living expenses until the repairs are made.

Even if a student is still covered under their parent’s insurance, it’s important to understand the coverage limits. If the policy’s coverage limits aren’t enough to compensate the student for all their possessions, additional coverage may be required.

Determining whether college students need renters insurance comes down to the sort of living situation they’re most interested in. Nevertheless, insurance should always be considered during every major step in one’s life. College life brings on a wealth of new challenges for students, but renters insurance shouldn’t be one of them. At TJ Woods Insurance, we can help both students and parents find the right homeowners and renters insurance for their needs. If you have a child going away to college or if you’re a student yourself in need of coverage, contact us today.