2024 Guide to Renters Insurance for College Students

Renters insurance is an often-misunderstood type of insurance coverage that helps college students protect themselves in the case of dorm and apartment hazards like theft and property damage. Getting renters insurance can give both students and parents peace of mind when it comes to expensive investments like laptops.

How It Works

Renters insurance is designed for people who rent the home or apartment they live in rather than owning the space themselves. Renters insurance covers personal property and limited personal liability, but it does not extend protection to the physical structure of the dwelling. This makes renters insurance more affordable than a full homeowner’s insurance policy, which helps cover repairs to a space if it’s damaged by a natural disaster, fire or other hazards.

To get renters insurance, you typically need to purchase a policy from an independent insurance provider. The cost of the policy can vary depending on several factors, including the location of your housing, whether it’s student housing, the value of your belongings and the level of coverage you choose. You’ll usually pay a monthly or annual premium, and if you need to make a claim, you’ll pay a deductible before the insurance kicks in and starts covering your losses.

What Does Renters Insurance Cover?

Renters insurance provides you with a few benefits that can be particularly useful if you’re a student. These include personal property and liability coverage.

Personal property coverage protects your belongings from theft, damage or loss. This can include things like furniture, electronics, clothing and other personal items, though you might need an extension to insure particularly valuable pieces of property you own.

Renters insurance covers both loss and theft associated with personal property. For example, if your dorm is the target of a break-in and someone steals your laptop, your renters insurance can help you pay for a replacement. Renters insurance can also help you cover repairs or replacements for property damaged during a fire, storm or due to your landlord’s neglect (for example, if a pipe breaks and floods your apartment).

Liability coverage protects you if someone is injured while in your home or if you accidentally damage someone else’s property. For example, if your friend trips and falls in your apartment and gets injured, your renters insurance policy would cover their medical bills and legal fees if they sue you.

Some renters insurance policies also include a protection called “loss of use coverage,” which helps pay for replacement housing expenses if your space is damaged to the point where it’s uninhabitable.

As a college student, you may be living on a tight budget. Is renters insurance really worth the money? The following are some points to consider when deciding whether to purchase renters insurance coverage.

College Campuses and Surrounding Areas Are Targets for Burglary

College apartments are common targets for burglaries, as they often have limited security and frequent visitors entering and leaving the building.

According to data from the National Center for Education Statistics, in 2019, there were approximately 17,500 reported burglaries in on-campus student housing facilities at Title IV postsecondary institutions in the U.S. This represents a decrease from the previous year, where there were approximately 19,300 reported burglaries, but burglaries are still a major risk on college campuses across the country. Burglary is the most commonly reported on-campus crime.

Getting Peace of Mind

Renters insurance can provide peace of mind for college students by offering financial protection for their personal belongings and liability coverage in case of accidents or injuries that occur in their rented space. When you know that your things are safe at home, you can focus fully on your studies.

Accidents Happen

A renters insurance policy doesn’t only protect you in the case of intentional theft — it also provides compensation if your things are accidentally damaged. College students’ living arrangements are often shared spaces, which can lead to more accidental damage and breakage. If your roommate accidentally damages your belongings, your renters insurance may help pay for replacements.

College dorms and apartments may be in poorer conditions than comparable accommodations aimed at working professionals. This can make them more prone to hazards like fire, pipe bursts and wood rot that can damage your things. If a pipe freezes and bursts over winter break, flooding your apartment, you could be left to foot the bill for replacing your damaged furniture and other belongings if you don’t have renters insurance.

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If you’re interested in the added peace of mind renters insurance can bring, here are some tips for finding a reputable, reasonably priced insurer.

Do Your Research

The key to finding the best renters insurance company as a college student is to do your homework and compare multiple companies before deciding on a policy. We recommend starting with the insurer that covers your car or your parents’ home, as you might be able to get a discount for bundling policies. Then check other local and national insurers.

Be sure to visit each company’s website to learn more about policy limitations, coverage options and pricing. Also look at customer reviews and ratings from independent sources such as J.D. Power.

According to data we acquired from Quadrant Information Services, the national average cost of renters insurance is only $180 per year ($15 per month). But price varies depending on coverage. We recommend getting a quote from at least three top renters insurance providers before buying to be sure that you’re getting the best price.

Ask Your Landlord

If you need additional recommendations for coverage, your landlord may be a good resource. Some landlords and apartment complexes maintain relationships with renters insurance providers operating in the area, and you may be able to save money by purchasing a policy through a preferred provider. Even if your landlord can’t offer exclusive discounts, they may be able to recommend a few local companies used by other students.

Be Thorough

Once you’ve narrowed down your preferred insurance providers, it’s smart to compare the details of each policy option available to you. Be thorough in your investigation, and review each policy’s terms and limitations before selecting coverage.

It can be helpful to create a list of the items that you need covered in your home before buying insurance to be sure that the upper coverage limit is sufficient. Also, make note of any areas of your apartment that may present hazards to the insurance provider (like broken window locks) and repair them before seeking coverage.

So you’ve done the research, selected an insurer and enrolled in a policy. Now it’s time to be proactive and set yourself up to avoid incidents.

Know Your Policy Details

After enrolling in a renters insurance policy, review your coverage thoroughly and be sure to understand when you’re entitled to file a claim before an incident occurs. Be sure to pay your premiums in a timely manner to maintain your coverage, and make a note to cancel your policy before you move out of your student housing.

Avoiding Incidents

While renters insurance is a great safety net in case something happens, it’s important to still take steps to protect your things and limit the possibility of theft. Be sure to lock your doors each time you head out, and make sure that your roommates are doing the same when they leave.

Take care of your belongings, and make sure to call your resident adviser if you notice damage to your doors or windows. This will help you enjoy the benefits of renters insurance fully — and, hopefully, ensure that you never need to use your coverage.