Why College Students Need Renters Insurance

renter insurance

Renters insurance is essential for anyone who does not own a home. Renters insurance is actually a misnomer.

It really should be thought of as personal property insurance since it is designed to insure your personal possessions and not just for renters. It can apply to a wide range of other people, such as college students, storage unit owners, and many others.

Since college students typically rent an apartment or live in a dorm room, renters insurance can be a valuable asset for them to have. Renters insurance will protect the assets they have. And, since replacement costs for lost, stolen, or destroyed items can be tough when you have a low income, renter’s insurance can help protect you and your assets.

What Is Renter’s Insurance

Renters insurance is designed to protect personal property of the individual insured. It is the equivalent of homeowner’s insurance without having actually to own a home. If you are a college student living in a dorm or an apartment, you could purchase renters insurance to protect your stuff, such as your computers, furniture, clothes, and other items.

You Are Not Protected by the School

Since it is about your property, it is important to consider protecting your things. No one will care more about your personal property than you do, and having renter’s insurance will save you from having to repurchase your belongings should they be lost or destroyed. It will protect your stuff whether it was stolen, destroyed, burned in a fire, or even if you drop it and break it.

Many college students mistakenly think that the school will protect them if the dorm catches on fire and they lose their possessions. However, the school’s insurance will only cover the building, not the contents of the rooms.

Renter’s Insurance Protects You From Theft

Also, renter’s insurance protects your personal property from theft. If your dorm room was to get broken into, renter’s insurance could help replace the stolen items.  Also, if you had your possessions stolen from another place, such as your car or even the library, your renter’s insurance could help there as well by replacing your lost property.

Why College Student Renters Insurance Works

Renters insurance is great for college students because it is very cost-effective.  Premiums for college student renters insurance policies are very low, and they can be even lower if you combine them with another policy such as your car insurance.  Many insurance companies offer discounts for customers who combine their policies.

It is called a multi-policy discount. Plus, since college students don’t usually have a lot of personal property, the amount of insurance will be relatively low.  Since your premium is based on the amount of insurance you get, you will typically have a lower premium if you get a policy in college.

Do not mistake not protecting your personal property or thinking that you are covered when you’re not. College student renters insurance is too cheap and provides an excellent benefit to college students and apartment renters not to purchase a policy.

11 thoughts on “Why College Students Need Renters Insurance”

  1. Personally I couldn’t be bothered to add another expense when I was a college student. Since the value of my possessions would be so low during that time, it just doesn’t make sense for me to pay to insure it. I guess it depends on the situation though. Some people need the piece of mind and may be more at risk for things such as theft.

  2. I wonder if my parents had this (under their homeowner’s policy) for me when I was in college? I’m going to have to ask them, as I never even considered it before!

  3. I’m not sure that renters’ insurance would be a cost-effective option for me. If, say, my apartment burned down and absolutely nothing were recoverable, the items I would miss the most have sentimental value, but not any insurable value. I could replace any necessary items (clothing, bedding, cookware, pet supplies) for under a thousand dollars — and I have that saved (as well as the costs of rehoming to a new apartment) in an emergency fund. (For my particular situation, I could also use some furniture I have in a separate storage unit, or sell it for ready cash if I needed to.) I guess my priority just isn’t on owning expensive things, and I’d rather not pay premiums to insure them. I’d rather put that money to work for me in savings.

  4. I think it could be good for certain students. Most of the NYU students in my building live alone and wonder how many have gone out of their way to get it.

  5. My parent’s homeowners insurance covered my belongings while at school. They inquired about it and was told that the coverage extends to me in college. I’m not certain if they had a special rider or something to that effect, I just know I was covered.

  6. Honestly can’t see that this would be a consideration for most college students as they are covered under parent’s policy. Good to know though!

  7. When I was in college, my dad recommended renters insurance to me. Fortunately, I got it as an add-on to my car insurance and it only cost $11 per month extra. $11! That is pretty cheap for peace of mind!

  8. Interesting, shouldn’t it increase educational burden? How much would a student have in belonging? and most importantly regular renters insurance do not cover house hold appliances like freezer, over, dishwasher etc. unless specifically asked for.

  9. Fantastic blog post …it describes renter’s insurance and its advantages… to protect your stuff…. i like this post.. 🙂


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