Heading off to college is an exciting milestone: first classes, first taste of independence, and for many, the first time living away from home. Whether your student is moving into a campus dorm or off-campus housing, one important item that often gets overlooked is renters insurance. It may not be the most thrilling item on the college checklist, but it’s one of the smartest and most affordable decisions you can make.
Why Do College Students Need Renters Insurance?
1. Their belongings are worth more than you think.
Laptops, phones, tablets, headphones, clothing, bedding, dorm décor, even textbooks—it all adds up quickly. The average college student takes thousands of dollars’ worth of personal property to school. If those items are stolen, lost in a fire, or damaged by water, replacing everything out-of-pocket can be a major financial hit. Renters insurance for college students helps cover these unexpected costs.
2. Colleges are not responsible for personal property.
Many families assume that universities cover damages or theft occurring in student housing. Unfortunately, most schools clearly state they are not liable for students’ personal belongings. Without renters insurance, the financial burden falls on your student or your family.
3. It’s budget-friendly.
Most student renters insurance policies range from just $10 to $25 per month. That’s less than the cost of a pizza night or a streaming subscription. It’s a small monthly investment for significant peace of mind.
4. It covers more than just theft or fire.
Renters insurance includes personal liability coverage, meaning it can help with medical or legal expenses if someone is injured in your student’s dorm or apartment.
5. Off-campus students especially need it.
If your student is living off campus, they may be required by their landlord to carry renters insurance. Once they move out of the dorms, your homeowner’s policy typically no longer covers their belongings, making off-campus housing insurance essential.
Life Is Unpredictable, Especially in College
From shifting class schedules to unpredictable roommate situations, college life is full of surprises. While renters insurance might seem like an unnecessary expense, it can be a financial lifesaver when the unexpected happens.
Before your student heads off to campus, take a few minutes to explore renters insurance options. It’s a small step that could save you big down the road.