Renters insurance is helpful for anyone who rents their home or apartment. It is especially beneficial during times of emergencies or unexpected accidents. College students need renters insurance, too. They are on their own for the first time, and having a policy is a good idea.
The good part about policies like this is that they offer an extra layer of reassurance. Coverage for your personal belongings, liability coverage, and affordable cost are typical in most renter’s insurance plans.
Let’s look at how renters insurance coverage is good for anyone going away to school for the first time.
Personal Belongings
The moment an undergrad steps foot onto campus, they encounter factors that are beyond their control. For example, they are surrounded by strangers, the campus may be near a metropolitan area, or there may be several students living in the same room or house.
Most renters insurance policies can alleviate worries that are related to theft of valuables. If you are concerned about safeguarding items like laptops, furniture, clothing, or jewelry, it is advisable to invest in an insurance plan that has personal property coverage. Renter’s insurance has this built in.
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Liability Coverage
Liability coverage is advisable for any insurance policy. There are many riskson a college campus.
College campuses are fertile ground for accidents. For example, your student could be held responsible for someone else’s injury if it happens at their rented housing.
If your child throws a party in their off-campus apartment (and who doesn’t?), they could be held liable if one of their friends has a little too much to drink and falls down the stairs. Or, we all have those friends who seem to trip and fall down when there’s literally nothing there to trip on, right? This is where renters insurance liability will come in handy. If anyone gets hurt while on their property, your child’s renters policy can help pay their friend’s medical bills, if necessary. And if that friend sues, your student (and by extension, you) will have some protection for legal and court costs, as well.
Affordability
Renters insurance is less expensive than other types of policies. Because of this, it can be an easy add-on despite the rising costs of tuition.
Your annual or monthly premium costs will change depending on the type of coverage you want and the amount of your deductible. You can ask your insurance rep what they suggest given your needs and budget.
A policy like this is a protective measure for accidents that may happen at your student’s apartment. You will sleep better with a plan like this in place when your child is no longer living at home!
Why Should College Students Have Renters Insurance?
College should be a time of learning, exploration, and gaining independence. Worrying about unforeseen circumstances during this time is natural. If you want protection for any of your student’s belongings or are interested in liability coverage, play it safe. A renters insurance policy can provide a little more peace of mind when your student leaves for college. Even though that is invaluable, renters insurance on average only costs about the same as that cup of coffee your now-adult child is buying at their favorite campus coffee shop.