It’s that time of year, college students are getting ready to move into dorms or off-campus apartments, but do they need renter’s insurance? If your contents are not covered away from home by your parents’ insurance policy, you should consider purchasing your own policy to keep your property safe.
What Does Renter’s Insurance Cover?
Your landlord’s insurance will not cover the cost of damage to your contents. You should purchase renter’s insurance to cover your personal belongings against damage and loss from:
Renter’s insurance also provides the following coverage:
- Liability insurance if you accidentally start a fire and damage the building, or even another renter’s property.
- The cost of temporary housing if your home is uninhabitable for a period of time following a disaster.
- Liability insurance if you’re held responsible for an injury to a visitor in your home.
Renter’s Insurance for Students Living in a College Dorm
If you live in a college dorm, your belongings could be covered under your parents’ renter’s insurance policy or homeowner’s insurance policy, but this may not be the case, so it’s important to check with your agent.
Additionally, even if you are covered by your parents’ policy, there are other points to consider:
- What are the policy limits? Some policies limit coverage amounts for items away from the policyholder’s (your parents’) home.
Example: Your parents’ policy may offer $200,000 coverage, but you can only use 10% of this ($20,000) towards contents that aren’t in the home.
- Are you bringing high value items with you to college? Some policies limit the amount of coverage towards these items. Check with your agent to see if additional insurance is needed for specific items away from the home.
Renter’s Insurance for College Students Living Off-Campus
There is a good chance your parents’ homeowner’s policy will not cover your property if you live in off-campus housing, but be sure to check with your agent to confirm.
Consider purchasing renter’s insurance to help cover the cost of replacing or fixing contents which are lost or damaged, that fall under protection from your policy. You can review what your policy covers with your insurance agent.
Renter’s Insurance Quote
Don’t worry, if you have questions or need more guidance, we’d be happy to help steer you in the right direction!
About Swiss Village Insurance
At Swiss Village Insurance, our licensed experienced agents are at your fingertips to answer questions, update your policies and review your coverage. Our agency gives excellent service at competitive prices. Because we sell policies from more than one company, our customers enjoy the broadest range of coverage at the lowest cost.
We offer a wide variety of coverage including: auto insurance, SR-22 insurance, motorcycle insurance, boat insurance, ATV insurance, RV insurance, classic car insurance, business insurance, life insurance, home insurance, renters insurance, condo insurance, landlord insurance, farm insurance, flood insurance, dwelling fire insurance, mobile home insurance, AAA membership, event insurance, umbrella insurance, and valuables insurance.