This fall, millions of students will head off to college. For many, it’s their first time living on their own. This big change comes with a lot of new responsibilities. Some of the most important of these new responsibilities involve obtaining the right insurance coverage.
Renters Insurance for College Students
College students who live in a dormitory on campus may still be covered by their parents’ policy. Don’t just assume this, however. Talk to your insurance agent and check your policy. Check for any exclusions or limits. If the college is in another state, see if coverage applies there.
If the parents’ policy doesn’t provide coverage, or if the college student is renting a place off campus, renters insurance is needed. In fact, the Insurance Commissioner of the State of Georgia recently issued an urgent warning on the importance for renters insurance for college students.
Renters Insurance Provides Essential Coverage
Most college students don’t know much about insurance. To be fair, most adults don’t, either. For example, many assume they don’t need renters insurance because their landlord has insurance. Wrong. Both the landlord and the renter need insurance, and their policies cover very different things. The landlord’s policy covers the building itself. The renters policy covers the belongings inside.
If your stuff is stolen or destroyed in a fire, you’ll need renters insurance to pay for replacements. Renters insurance can also include liability protection, which is important if a guest is injured in your rented home or bitten by your dog.
But Aren’t College Students Broke?
It’s true. The typical college student doesn’t have much money. This doesn’t mean they don’t have anything worth protecting, however. They have laptops and other electronics, not to mention clothes and furniture. Replacing all of that would take a lot of money – money that the typical broke college student doesn’t have. At the same time, renters insurance is relatively cheap. Policies typically cost about $20 a month. You might pay even less, especially if you qualify for discounts.
How to Get Coverage
When you’re packing up all your belongings before heading off to college, it’s the perfect time to take an inventory of everything. This will be helpful if you have to file a claim, so keep the inventory available and up to date. Apps like Sortly let you create a digital inventory of everything you own.
Applying for renter’s insurance is easy. Get a quote now.