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Do College Students Need Renters’ Insurance?

Do College Students Need Renters’ Insurance?
Renter's Insurance
May 7, 2021

Moving away for college is a major transition in any student’s life. But amidst the myriad of other things on your to-do list, don’t forget to get coverage on your possessions! If you’re going to rent an apartment or house, you should not make the mistake of thinking you’re covered by the landlord’s insurance policy or that it will cost you too much to get a policy to protect your possessions.

Why You Need Renters’ Insurance

As a college student, you have a lot of prized possessions like electronics, clothing, jewelry, and, of course, your textbooks. Since dorm parties are an opportune time for potential property damage, it is crucial that you have renter’s insurance!

What a good Renters’ Insurance policy covers:

Personal Property

This protects your belongings from damage or loss due to events like theft or disaster. The last thing you want to be worried about is your belongings while you’re hosting a get-together.

Liability Protection

This protects you if there is accidental damage to someone elses property or someone is injured while they are a guest at your residence. If a guest suffers an injury within your premises, you could easily face a lawsuit. Fortunately, your renter’s insurance can cover that.

Additional Living Expenses

If there is a disaster (fire or hurricane, for example) or an emergency event (a broken water pipe or electrical issue) that makes your rental unlivable, a renters’ insurance policy can cover additional costs for temporary housing like hotel bills.

How to Know If you Need Renter’s Insurance?

While it is generally advised that college students have renter’s insurance, the decision mainly depends on their personal circumstances, i.e. where they live.

If the student lives with their parents in their home, they most likely fall under their parent’s homeowner’s or renter’s insurance.

If the student live on-campus, their parent’s insurance policy may extend to them as long as they are listed as a
dependant. However, there are caps to off-premises coverage, which means you’ll only get a meager percentage
for off-premises coverage after you pay the deductible.

If the student lives in an off-campus residence, their parent’s policy will not cover them. In that case, the student will need a renter’s insurance policy to cover their possessions.

Benefits of Renter’s Insurance?

Renter’s insurance can prove beneficial for college going students for a couple of reasons mentioned below.

Excellent Value for Money

At times, the loss you suffer can easily go beyond the insurance policy premium. You might have to pay a whopping $700-$2000 or even more to just replace a stolen laptop instead of just paying a premium.

Saves Lawsuit Costs

As a college student, this may not have occurred to you, but we live in a fairly litigious society. If you’re having a party and one of your guests suffers an injury within your premises, you could easily face a lawsuit. Fortunately, your renter’s insurance helps cover that.

Peace of Mind

Let’s face it-college is your time to have fun and party it up. The last thing you want is to be worried about your belongings while you’re hosting a get-together. While you can be responsible to some extent, damage to personal property may be inevitable at times. With renter’s insurance, you don’t have to worry about paying for that.

Superior Insurance Can Help

With 2 offices in Raleigh, 2 offices in Durham and over 20 years experience, Superior Insurance has helped thousands of North Carolina residents save money without sacrificing protection. As a college student, you should look for the most affordable renter’s insurance that covers exactly what you need. Superior Insurance partners with Homeowners of America to bring you the best renter’s insurance rates in North Carolina. Get in touch and let our agents explain everything to you and give you the best personalized renter’s insurance. Para español

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