The Ultimate Guide To Renters Insurance For College Students

Posted by: TheGuarantors on June 30, 2021

Moving from high school to college can be one of the most exciting moments of your life! Deciding to live off-campus can be an empowering choice that expedites your newfound freedom. However, living off-campus can have its downsides. There could be a fire in your kitchen, your laptop could get stolen, or bad weather could damage your stuff. To protect your personal property from such mishaps, you should get renters insurance.

Renters insurance protects your personal belongings, liability situations, and extra living expenses. The average renter's insurance costs $15 a month But the price you pay will greatly depend on which state or city you live in. Have a look at the variety of renters insurance premium rates in different states below.

Average_renters_insurance_rate_in_each_state

As you can see on the map, the Midwest has some of the cheapest premium rates while the South has the priciest rates!

Let's learn a bit more about how renters insurance can protect you as a college student!

Why do I need renters insurance?

Before we discuss the features of renters insurance, you might ask, "Do I even need it?"

The short answer is, it depends where you decide to stayIf you live in on-campus housing or dorms, chances are you are already protected by your parent's homeowners or renters policy. These policies typically only offer a small percentage of your parent's total coverage.

If, however, you live off-campus, you should buy renters insurance. It provides you excellent protection and benefits as a renter and a student. It's also an affordable investment to protect any costly or valuable items!

How does renters insurance protect me?

Renters insurance can protect you from unwanted mishaps, not just with things happening inside the apartment but also outside. Let's have a look at the different coverages and benefits you can get from renters insurance.

Personal Belongings Coverage

This coverage protects you from damage to your personal property. Your policy covers events such as your room getting damaged from a fire or your laptop getting stolen. All personal belongings such as your clothes, electronics, furniture, appliances, and any valuable items are protected.

However, you should remember that your insurance will only cover the cost of replacing your belongings for specific events. These are called named-perils. For example, renters insurance does not cover floods. So if your items get damaged from a flood, the insurer won't reimburse you. You'll need additional flood insurance to protect your stuff.

Your renters insurance will protect you protect from:

  • Theft
  • Vandalism
  • Riots
  • Fire
  • Smoke damage
  • Vehicle impact
  • Water damage
  • Damage from snow
  • Hail
  • Frozen pipes
  • Windstorms
  • Lightning
  • Explosions

Liability Coverage

This may not sound as exciting or critical but liability coverage can be a real life saver!

Personal liability coverage protects you from various situations. If someone gets hurt in your apartment, your liability coverage with cover their medical bills. If you break someone's laptop accidentally, the liability coverage will pay you to replace the broken laptop. It will protect you from legal situations if somebody decides to sue you for various reasons.

Additional Living Expenses (ALE)

Let's say, your apartment becomes inhabitable, and you're forced to move out and live somewhere else; ALE will cover you! ALE coverage pays for your temporary accommodation, food, and laundry.

However, this coverage will protect you for a certain time frame or a certain amount, which will vary depending on your insurance carrier.

Common FAQ's About Renters Insurance

Q. Is renters insurance necessary for an off-campus living?

A. No. However, many landlords require you to buy renters insurance in order to sign a lease.

Q. How much coverage do I need?

A. Make a rough estimate of the cost of all your belongings. You'll have an idea of the coverage you need. If you are doubtful, always get extra coverage.

Q. How much does renters insurance cost for students?

A. The average cost is $15 a month or $180 annually. However, several factors could affect your premium. The apartment's condition, location, the amount of coverage you need, and the insurance company you buy from all affect the cost.

Q. Does my insurance cover my roommates?

A. Your roommates will be covered by the policy if you all buy the insurance together. However, this might increase your premium too.