Renters Insurance For College Dorms – One day in mid-September, Stanford University student Avery D. was grabbing an In-N-Out burger when he heard something unexpected over the loudspeaker: “If you have a gray Acura parked out front, your car was just broken into.”
If this comes as a surprise to you, you are not alone. The truth is, “renters insurance” doesn’t exactly sound like insurance for your phone, bike, jewelry and clothing, both inside and outside your home.
Renters Insurance For College Dorms
It is no wonder that a significant proportion of renters are uninsured. According to the latest consumer survey by the Insurance Information Institute, 57% of American renters have renters insurance. While that means four out of 10 renters aren’t protected by renter’s coverage, as recently as 2018, only 42% were insured.
Why Taking Out Renters Insurance Is Important For College Students
Perhaps more people are turning on renters insurance because it turns out that it comes with tons of hidden benefits when it comes to renters insurance, especially for college students venturing out on their own for the first time.
So we did your homework for you and answered your most common questions about getting renters insurance in college. Here’s what’s covered:
Renters insurance covers your things for things like theft, fire, vandalism and stormy weather. So if your phone gets thrown at a homecoming party, or an expensive geology textbook catches fire after your vanilla and lavender candles, your policy can help pay the cost of getting you a new one. Score.
Renters insurance also includes personal liability coverage, which can cover your legal and medical fees if someone gets hurt in your place. So if a classmate slips on spilled coffee and breaks his leg while studying in the apartment, renters insurance has your back.
College Students & Renters Insurance
Finally, if any of these ‘hazards’ mentioned above force you away from your spot, you’re covered. Renters insurance will take care of the extra cost of a hotel and any extra living expenses. Room service, anyone?
Why put off $$ you’d rather spend on a cold brew before class? Well, renters insurance can save you money in the long run.
How? It turns out that campuses are one of the 5 most common destinations for theft of laptops and phones, according to studies conducted by the FBI. That’s because young people with expensive, portable items usually congregate in small, public spaces or common areas on campus, making them easy targets for thieves (who are often fellow students).
It’s no wonder that burglary and theft make up 44% of all criminal activity on college campuses, according to the latest data from the National Center for Education Statistics.
Is It Cheaper To Live On Or Off Campus?
When r Avery had his backpack stolen, he not only lost his computer – but also his textbooks. It turns out that textbook theft is a big problem, with students at four-year colleges and universities spending an average of more than $1,200 each year on textbooks alone, according to 2022 figures from the Education Data Initiative.
So even if you have nothing but a laptop, phone and a few textbooks, spending a few extra bucks a month to avoid paying to replace them is pretty much unmanageable.
Well, it depends on how much stuff you own and whether you live in a dorm room or off-campus housing. Let’s break it down:
You probably have tons of valuables in your college digs. To make sure your policy covers everything, you need to find out how much your stuff is worth.
What Insurance Do College Students Need?
Best practice is to round up to the nearest $10,000. So if your laptop ($1,250), phone ($1,000), bike ($1,000), furniture ($5,000) and clothing ($7,000) add up to $15,250, you’ll want at least $20k in personal property coverage.
When assessing her belongings, r and Slippery Rock University student Kayla J. chose $30,000 in personal property coverage:
“When I got my policy, my dad and I talked about the value I placed on my things and their estimated market value. Since I live in a studio apartment, I don’t have an excessive amount of stuff that would warrant more than $30,000 in personal property coverage.”
Btw, note that you may want to get extra coverage for your high ticket items like your jewelry, bike, camera and musical instruments. This will usually add a few extra dollars to your premium each month, but will keep your stuff safe from extras like accidental damage and loss.
Can You Share Renters Insurance With Roommates?
As long as you’re under a certain age, your things may be covered by your parents’ homeowner’s insurance while you live in a dorm. Who said you have to grow up right when you get to college?
How do you know if you are covered? Have your parents check in with their insurance company. If they have homeowner’s insurance, you’ll be covered in your dorm room (or in off-campus housing) if you’re a full-time student under the age of 24, provided you lived with your parents before you went to school.
While they’re at it, your parents should also research their personal property coverage limits — including how much coverage they have for their stuff. This is because many insurance policies limit how much things are covered outside of your parents’ home. Whomp whomp.
Let’s say your parents have $50,000 worth of personal property coverage (reminder: ‘stuff’ coverage). If their insurance company only covers 10% of it outside the home (which is fairly common), they will only have $5,000 of coverage for your items and theirs.
Do College Students Need Their Own Renters Insurance Policy?
See if your parents can increase their personal property coverage. If they can get $200,000 in property coverage, that would be just enough to cover all your stuff (assuming nothing happens to all your stuff and theirs at the same time).
If you live in an off-campus apartment, you may want to consider getting your own renters insurance. While getting your own policy can seem daunting, it’s a lot easier than you might think. It takes less than 2 minutes and you can get a policy without ever having to pick up the phone (more on that later).
When choosing your personal property coverage, calculate the value of your belongings using the instructions above and round up to the nearest $10k. Note that your roommates’ belongings are not covered by your renter’s policy – tell them to get their own!
For the other coverages, choose what makes sense for you in terms of your lifestyle and ability to pay up front versus on a monthly basis. Here’s what we offer on:
How To Get Renters Insurance For College Students
While the average price as of early 2023 is about $14/month, the cost of your renters insurance can vary depending on a number of factors, including your apartment’s condition, location, deductible, the amount of coverage you need, and which insurance company you need. go with.
For example, if you live close to a fire station and far from the coast, you can get a lower price. And the higher your deductible, the lower your premium can be (but keep in mind that a high deductible also means you pay a lot more out of pocket in the event of an injury).
Honestly, getting renters insurance can be tricky. And let’s face it: You want to spend less time with your insurance company and more time making it up with your friends (er, we mean…studying).
Still need to be the one signing up for the policy. We have a lot more information about all of this in our Parents’ Guide to Renters Insurance, so be sure to share it with your parents.
Do College Students Need Renters Insurance? Yes, If Living Off Campus
The process itself is a breeze. Instead of calling a traditional insurance agency and waiting on hold, you can get renters insurance online in less than 2 minutes.
With Maya, our charming artificial intelligence bot, getting a quote is fast, straightforward and can be done right from your desktop (as you may or may not be procrastinating). Just answer a few questions and you’ll get a quote in less than two minutes.
“After my backpack was stolen, I immediately filed a claim for . After ten minutes I was approved and had a money transfer on the way. I filed the claim purely from the app and it was very straight forward. If it wasn’t for , I would have no idea where to start filing a claim through my parents’ traditional insurance company.”
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Please note: Articles and other editorial content are intended for educational purposes only and should not be relied upon as a substitute for professional legal, insurance or financial advice. The contents of these educational articles do not change the terms, conditions, exclusions or limitations of policies issued by , which differ depending on your state of residence. Although we regularly review previously published content to ensure it is accurate and up-to-date, there may be instances where legal terms or policy details have changed since publication. Anyone