Do college students need renters insurance?

| August 02, 2018
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College students bring a lot of things to campus: laptop, textbooks, microwave, bicycle, clothing, and more. What happens if any of these things are destroyed, lost or stolen while you are away at school?

Is anything covered by your parents' insurance policy? Maybe. If you are living in a dorm room on campus, your parents' homeowner’s policy will extend to cover the items that you've brought to school with you, up to a 10% limit on their policy's total coverage for personal property.

For example, if your parents' homeowner's policy has a $100,000 limit on personal property, your possessions at school will be covered for up to $10,000 while you're on campus. Keep in mind that coverage is subject to the policy's deductible.

However, your parents' insurance coverage will not extend to your things if you are living off campus in your own apartment or house. In this case, we recommend you purchase your own renters insurance policy to ensure that your belongings are properly covered.

A renters policy typically offers three types of protection:

  1. Personal Property: 
    Covers your child’s possessions in the event of fire, theft or vandalism

  2. Liability: 
    Protects your child against a claim or lawsuit if a guest is injured while visiting the property

  3. Additional Living Expense: 
    Pays for temporary housing and meals if your child is unable to stay in their rental while it’s repaired after a covered loss

Renters policies are incredibly affordable, usually less than $10 per month to cover thousands of dollars of personal belongings. Having renters insurance means you're in good shape if your roommate leaves the coffee pot plugged in and starts a fire. Your destroyed belongings will be covered, and you'll be reimbursed if you have to stay in a hotel while the fire damage is repaired.

The fall semester is starting soon! Give us a call at 509-327-1658, and we'll make sure you're covered before heading back to school.

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