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Why Your College Student Needs Renters Insurance

renter-insurance-in-collegeIt is possible that your (the parents’/guardian’s) homeowners insurance will cover a college student’s possessions in a college dorm room. Be sure to check with your independent insurance agent to find out the specifics on your policy. Find out the details on the deductible and any specifics for what it does or does not cover. If your student is a graphic design major that comes to college equipped with an expensive computer and camera, you may want to take out an additional policy, even on top of your homeowners insurance. If your homeowners insurance does not consider a dorm room as an extension of your home and thus cover your student’s possessions, a separate renters insurance policy will be needed.

Renters insurance provides coverage for your student’s personal belongings at a low, affordable cost. In fact, the average renters insurance premium is about $185 a year, which translates to only $15 a month. This policy will compensate you for the value of lost, damaged or stolen items, and with some policies, liability is also covered. If your student is renting a house or an apartment, doesn’t the landlord, cover that stuff? The answer is no. Nor does the university if your student’s dorm room is broken into.

The apartment landlord’s insurance, or the university’s insurance, covers the building and grounds, but not the personal items within each unit. Though no state laws require the purchase of renters insurance, some apartment complexes insist that you buy a policy. Be sure to review your lease in detail with your landlord or apartment manager.

Apart from personal property compensation, renters insurance will often cover the cost of temporary housing in the event that your apartment becomes uninhabitable for a period of time. Some policies also provide liability coverage in the event that a visitor suffers an injury in your home. The coverage for medical treatment alone will often surpass your yearly premium.

A stolen backpack with a computer and expensive books, vandalized bike or bedroom fire are sadly not that uncommon in college. Losing expensive school supplies such as this can ruin a semester. Make sure your college student is being set up for success to do their very best this semester. Whether you’re paying your child’s bills through school or your child is working his or her own way through school, the cost of replacing possessions out of pocket could prove to be a huge burden. With inexpensive renters policies available, spending a small amount of money can give you the peace of mind to worry about bigger things, like getting through next week’s test.

Help your college student protect their home and everything inside of it. Call Big Don Insurance at 708-957-7020 for more information on Joliet renters insurance.

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