What Is Renter’s Insurance & Do Students Need It?

Whether you are moving from home to off-campus student housing, on-campus dorms, or into student apartments, renter’s insurance may be a wise investment. Here’s what you need to know about renter’s insurance as a college student.

What Does Renter's Insurance Cover?

No matter where you are moving to, if disaster strikes and your belongings are destroyed, the owner of the property or the landlord of the property is not responsible for covering your losses. They may carry insurance on the property itself, but that insurance does not cover tenants who live in the dwelling. In general terms, if you are living in off-campus housing or in a dorm and your belongings are stolen, destroyed by a fire or flood, or otherwise damaged, you are left to pay the full cost of buying your things back. The basic renter’s insurance policy will cover things like:

  • The loss of personal property
  • Liability if someone gets hurt inside of your living quarters
  • Costs associated with living, such as temporary housing, if your rental is unlivable

Who Needs Renter's Insurance as a Student?

Just about every student can benefit from obtaining their own renter’s insurance policy. If you are listed as a dependent on your parent’s homeowner’s or renter’s insurance policy, there may be a small premise of coverage that would help you if something happened. For instance, if your belongings were stolen from your dorm, your parents could file the loss under the rules of their policy. However, since the event happened off-site or out of their personal living environment, the coverage would probably only provide a small percentage to help pay for the loss. Therefore, renter’s insurance would still be a saving grace in this kind of situation.

Should You Get Renter's Insurance If You Don't Own a Lot?

Even if you don’t own a lot of personal property, renter’s insurance is a good investment. For no more than what you have to pay, which tends to be around $188 per year on average, you get to rest easy knowing what you do have will be covered in a bad situation. Even as a college student just starting out, you can have more personal belongings than what you think. Consider your electronics and electronic devices, sporting equipment, and clothing, for example. Not to mention, if something happens to your student living quarters, renter’s insurance can sometimes pay for the costs of a hotel or alternative living arrangements.

Renter’s insurance as a student may not initially seem like one of those investments that you must make. However, with a little insight into how beneficial it can be, renter’s insurance becomes a logical decision.