As a college student, life is hard enough with deadlines and assignments, never mind the added logistics of living on your own for the first time. If you've chosen to live off-campus with your friends in off-campus housing, this is for you! Moving away from home and your college campus comes with unique challenges - one of which is deciding if you need college renters insurance. Look no further - this is your one-stop guide to the ins and outs of renters insurance for college students!
On the whole, it is a good practice to make sure your policy or your parents' policies offer adequate coverage for your life as a student!
If you're a college student living in off-campus housing, it is highly recommended to insure your belongings. This is especially important if you're living independently on your own for the first time, considering how unpredictable college life can be. And everything you've packed in your suitcase and hauled to school costs a pretty penny - from premium laptops to expensive textbooks to TVs.
Even if you're living at home or in school dorms, renters insurance will cover your personal property to a certain extent; however, it does not lend itself to liability or loss-of-use.
For a quick overview of the protection offered by renters insurance, have a look at the graphic below.
The average cost of renters insurance nationally is $15 per month, but the rates available to you may differ based on where you live. This is because the likelihood of perils such as fire, storms, and theft varies from place to place, from state to state. Despite the low monthly costs, student renters insurance can offer up to tens of thousands of dollars in protection.
Source: National Association of Insurance Commissioners via the Insurance Information Institute.
Source: Value Penguin
Buying renters insurance for college students is a smart financial move - the policy itself is economical in the bigger picture if you lose everything you own. Forbes Advisor has listed Lemonade as one of the best carriers of renters insurance in June 2021. For the full list of companies that offer the best prices for student renters insurance, visit this list to choose a company that best suits your needs!