Renters Insurance for College Students

Student Dorm Renters Insurance

Student Dorm Renters Insurance

Leaving for college is an exciting time for young people and there are many things to consider as they leave the family home. One of the things that is often forgotten about is renters insurance.

When a student moves out of the family home, they also leave the protection of various forms of insurance. So if a student has their rental property broken into, or even has some things stolen from their dorm — it can cost them thousands of dollars and set their studies back. Students also have many more expensive items now, compared to a few decades ago. Most students have a laptop, a smart phone, possibly an iPad, a television, a stereo system, and possibly a musical instrument with them. That quickly adds up to thousands of dollars. Many of these items are small in nature so they can easily be pocketed.

Some parents may consider their child safe from burglaries while on campus. However according to 2012 statistics there were almost 20’000 burglaries on campus for the year. With a room full of expensive electronic gear and a busy dorm floor, there are plenty of opportunities for burglaries.

A student also needs to consider the impact on their study of losing their laptop and being unable to afford a new one. It could set back a student’s studies and impact their grades.

The good news is that this type of contents insurance is relatively cheap. A student can obtain $5000 worth of coverage for around $150 per year. Most renters insurance policies also cover you for a few eventualities:

1. You are covered against theft of your personal property
2. You are covered for liability if someone injures themselves on your property. A dorm usually covers this type of insurance, but if you are living outside of a dorm it comes in handy.
3. The policy will provide some living expenses if you cannot live in the property while it is being repaired

Your property is also insured for a number of potential hazards including: smoke damage, fire, riot, ivil unrest, hail, rain, vehicle damage, vandalism, theft, snow damage, plumbing malfunction and many more.

It is also important to note that your renters insurance policy can be piggy backed onto your parents insurance policy in some cases. Contact the insurance provider to see if the policy can be extended to cover the renting student.