Do College Students Need Renters Insurance?
Did you know that campuses are one of the top 3 places that laptops and phones are stolen? Due to their tendency to gather in public spaces or live together on campus, young people with portable devices make easy targets for thieves. In fact, theft makes up 42% of all criminal activities on college campuses.
Whether you live in a dorm or off-campus, it’s important to have insurance coverage for your belongings as a college student. In some cases, your personal property may be covered by your parent’s insurance, while in other cases, you may have to purchase your own renters’ insurance policy.
Do I Need Renters Insurance If I Live In A College Dorm?
College students may be partially covered by their parents’ or guardians’ insurance according to the National Association of Insurance Commissioners, but you’ll want to check with your parents’ provider to make sure.
If your parents’ policy doesn’t cover your belongings as part of their “off-premises coverage,” you may want to consider purchasing renters insurance.
Do I Need Renters Insurance If I Live Off-Campus?
According to the Insurance Information Institute (III), if you live off-campus, your parents’ insurance may not cover your belongings. To replace or repair your belongings if they are stolen or damaged by a covered risk, you may want to purchase your own renters’ insurance policy.
Liability coverage is also a feature of most renters insurance policies, which prevents you from paying out of pocket if you are found liable for another’s injury or accidental damage (such as your landlord’s).
How Much Renters Insurance Do College Students Need?
It depends on how much stuff you own, and whether you live in a dorm room or off-campus housing.
How much are your personal belongings worth?
In 2021, most students carry thousands of dollars worth of portable devices with them daily. To make sure your policy covers everything, you’ll need to figure out how much your stuff is worth.
Go through these three simple steps to save time later:
- Walk around your place, and record everything you care about
- Make a list of your big-ticket items/electronics, and estimate their costs
- Estimate bulk items such as clothing
- Add all of this up to figure out how much coverage you’ll need
The best practice is to round up to the nearest $10K. Thus, if you own a laptop ($1,250), a phone ($1,000), a bike ($1,000), furniture ($5,000), and clothing ($7,000), you should have personal property coverage of at least $20k.
Getting Extra Coverage might be a good idea if you have expensive items like jewelry, bikes, cameras, and musical instruments. Usually, you will have to pay a few dollars more each month for this, but it will keep your stuff safe from extra things like accidental damage and loss.
Make sure your roommate gets their own policy as their stuff is not covered under your renter’s policy.
How Do I Get Renters Insurance?
It’s important to note that even if your parents are paying for your renters’ insurance, you still need to be the one to sign up for the policy.
If your parents’ policy does not cover you, or if you’re living the college dream with friends in off-campus housing, Luray Insurance renters insurance plans can cover you from almost any kind of hazard or theft. Contact us by calling 410-602-2636 or request a quote online.