Do College Students Need Renters Insurance? While it is not a legal requirement for college students to have renters insurance, it is still advisable for them to consider getting one. Majority of college students needs to protect themselves in the event of property damage or stolen belongings. Renters insurance features the best coverage option for college students.
Whether or not you need renters insurance as a college student is solely dependent on several factors, such as if you have coverage from your parents and if you live on or off campus. Regardless, it is entirely possible for college students to find cheap rates by shopping around and comparing quotes from different insurance companies.
Do College Students Need Renters Insurance?
Although, it is not mandatory, it is advisable for college students to have a form of protection for their property while pursuing their studies. This is because; most students are exposed to a wide range of risk that could leave them stranded if care is not taken.
Renters insurance helps to provide coverage for your personal belongings such as furniture, jewelry, laptop, art supplies and other valuable items in your apartment or dorm room.
Renters Insurance for College Students Living On Campus
Perhaps, you live on campus in an apartment or dorm provided by your school authority, you many not necessarily need to buy a renters insurance policy. If your parents have a home insurance policy, you may likely be covered under their policy.
Nevertheless, it is important to confirm with the insurance company your parents work with to know if you’re protected under their policy while staying on campus. Even if you are offered protection under your parent’s policy, having your own renters insurance policy is a smart choice. Specifically, for those who have expensive and standard items in their dorm or apartment.
Renters Insurance for College Students Living Off-Campus
If you are college student staying off campus, you’ll most likely be required to buy a renters insurance policy by your landlord. This is usually part of the lease agreement when renting an apartment outside of school. Even if it is not part of the lease agreement, getting renters for off-campus housing is a wide choice.
The reason you are required to get renters insurance is because your landlord’s insurance covers just the building and not your personal belonging. So, to be on a safer side and to safeguard your valuable properties, you should haverenters insurance policy in place.
How to Find Affordable Renters Insurance for College Students
Getting cheap renter insurance is essential for college students, especially for those who fend for themselves. Selecting the right renters insurance company for your needs and budget is paramount. Hence, the reason we have helped to curate few tips on how to find affordable renters insurance:
Determine How Much Coverage You Need
This is the first step to consider when on the lookout for cheap renters insurance. Knowing how much coverage you need enables you figure out the insurance company that aligns with your unique need and budget. You can start by doing an estimate of the value of your property from the most important to the least important. By doing this, you will avoid spending more on coverage that you don’t need.
Compare Quotes from Multiple Insurance Companies
Another way to find affordable renters insurance is by comparing quotes and coverage options from at least two or more insurance provider. Although, renters insurance is not expensive, you can still find a cheaper rate by shopping around and comparing quotes.
Consider Working with an Insurance Expert
This is highly recommended to students who are not familiar with how insurance works and needs guidelines on how to go about it. There are insurance agents you can reach out to for help when deciding the coverage you need on your renters insurance policy. You can request information on the process of buying a policy, as well as the claim process.
FAQs
Do graduate student need renters insurance
Since, graduate students are not covered under the homeowners insurance of their parents, getting renters insurance is an ideal option. Usually, graduate students do not live with their parents and as they grow older, they might not be able to fit into their parent’s policy. Hence, the reason it is important for them to have renters insurance for maximum protection.
How much is renters insurance for college student?
The cost of renters insurance for college students is usually affordable, making it the best option for students. The reason behind the affordability is because it is believed that renters will most likely not need much coverage. So, a college student can pay an average rate of $12 monthly for renters insurance
Do I need renters insurance for a college dorm?
No, you no not necessarily need to get renters insurance for a college dorm. In most cases, the parent home insurance extends coverage to their children who stay in dorms. On the other hand, you can as well get renters insurance if you seek extra protection.
