Do College Students Need Renters Insurance?

Renters insurance isn't usually on a college student's radar, which is understandable. Most college students are unwilling to spend extra money on something that does not provide immediate benefits in addition to tuition, rent, and beer money.

But what if someone is seriously injured at your house party and you are held liable? Or what if your $2,000 MacBook is stolen from your apartment? It turns out that college is a good time to get your first renters insurance policy.

What Kind of College Student Requires Insurance?

It all depends on where you live. If you live in a dorm or on-campus housing, you are usually covered by your parents' renters or homeowners insurance if you are listed as a dependent and the policy includes "off-premises coverage." It's a good idea to have your parents double-check their policy to ensure you're covered for any on-campus losses or damages.

However, when you live in an off-campus rental, everything changes. Your parents' policy no longer covers you, and your landlord is not responsible for covering or replacing anything lost or damaged in your college apartment.

If there is a fire or someone breaks into the property, it is your responsibility to replace what has been stolen or ruined — and this is where renters insurance can make or break a bad situation.

What Does Renters Insurance Include in Your College Apartment?

Personal property, liability, and additional living expenses are typically covered by rental insurance. Here's why each of them is important.

Personal Property

This one will protect your belongings. Renters insurance covers the value of your possessions if there is a fire in your apartment or if someone steals your new iPad from your bedroom. Keep in mind that natural disasters such as earthquakes and flooding are typically not covered under this policy; you will need to purchase a separate policy for that.

Liability

This protects you in the event that you injure someone or someone is injured as a result of your rental. Assume someone was seriously injured at your apartment during a party. Your legal fees and, in some cases, necessary medical expenses will be covered by the liability insurance.

Additional Living Expenses

This covers the costs you would incur if you were unable to live in your rental. If your roommate sets fire to the place, this insurance will cover your temporary housing and meals while the damage is repaired.

Keep in mind that just because your roommate has renters insurance does not mean it covers your belongings. Typically, policies only cover the policyholder.

Is Renters Insurance Worth It?

We believe so. According to data from 2012 to 2014, over 62,000 burglaries, robberies, and car thefts occurred on college campuses across the United States. The vast majority of them — roughly 77% — were burglaries, which would be covered by a renters insurance policy.

How Much Does Renters Insurance Cost?

Renters insurance does not have to be expensive. Renters insurance is now quick, affordable, and modern thanks to companies like Lemonade.

Lemonade offers policies beginning at $5 per month, and everything is done through their app or online. They charge a flat fee, pay out claims quickly, and donate any remaining funds to charities of your choice. You can get a renters insurance quote in less than 60 seconds by clicking here.

Is It Right for You?

With roommates and visitors coming and going, it's a good time to be covered in case something goes wrong in your off-campus college rental, where doors are more likely to be left unlocked and ovens left on. You'll be glad you did it later.

If you're still looking for the perfect place, take a look at the listings on StrongInsurance.