Renter’s Insurance for College Students?

Like some of you, I’m sending my children off to college this week.  It’s amazing all the “stuff” they take — so much more quantity and more value than when I went to college.  What would happen if your child’s possessions were destroyed in a fire or tornado?  Would your insurance cover the cost of replacing all the electronics, furniture, books, and other supplies?

Whether your student is living in a residence hall or an apartment, be sure to talk with your insurance agent about this.  Ask what coverage you have for property that is “off premises” (in other words, located somewhere outside your home).  That will help you decide if your child needs to have his/her own renter’s insurance to cover their stuff in case of theft or other disaster.

If you decide you should have extra coverage for your child’s possessions while they’re away at school, use this opportunity to teach your child about renter’s insurance.  Take her/him with you to talk with the agent and pay for it.  Even though it is inexpensive, renter’s insurance is often neglected by young adults, and if your child learns its importance while in college, then he/she will be more likely to get coverage after college, as well. ~Barb

Barb Wollan

Barb Wollan

Barb Wollan's goal as a Family Finance program specialist with Iowa State University Extension and Outreach is to help people use their money according to THEIR priorities. She provides information and tools, and then encourages folks to focus on what they control: their own decisions about what to do with the money they have.

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4 thoughts on “Renter’s Insurance for College Students?

  1. My college student was required to show proof of renters insurance before a lease for off campus housing was confirmed. They could purchase it through a company that insured the apartment building or would accept a private policy. We did a rider on our household policy that was less expensive. It is hard to imagine a college student having $10,000 worth of belongings, but if one has to replace furniture, cookware, computer, books and clothing it adds up quickly!

  2. That’s wonderful that the landlord required insurance — I’m sure they do it for their own protection, but it’s also a real service to the students! Thanks for sharing!

  3. I “just” got hit by Sandy and I was really worried about losing all the things I have in my dorm. We went and ask the front desk if they had any type of insurance and they told us they did. Nothing happend to my part of town but knowing that my things were going to be “safe” made me feel better.

  4. If you are studying apart from your home and renting an apartment near you collage then you should have insurance to protect your personal property. Although, buying renters insurance is very important especially for collage students. Anyway, this article seems very interesting, good to read it.

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