Do You Need Renters Insurance in College?
Updated February 1, 2020 . AmFam Team
Deciding whether you need renters insurance can depend on what type of college housing you live in. Aside from your living situation, renters insurance is a smart move and can protect you from further financial burden.
We’ve answered some common questions about renters insurance and how the right coverage can give you peace of mind.
Do I Need Renters Insurance If I Live in a Dorm?
If your parents’ house is still your legal main residence while you’re living in the dorms, some protection may be offered by their homeowners or renters policy. However, even though you may get coverage for your belongings under their policy, the limit will be low — usually only about ten percent of their personal property limit. So, having your own renters insurance gives you the peace of mind you need to sleep sound at night knowing all of your belongings are protected.
How Much Is Renters Insurance for a College Student?
We understand that being a college student means you’re living on a budget — a tight one. But here’s a nice surprise: renters insurance covers your valuable things and more, at an affordable price. In fact, it typically rings in at less than the cost of a pizza each month!
On average, American Family customers pay around $15 a month for a standard renters insurance policy. Some customers even qualify for a discount when bundling with car insurance. Talk to your agent to learn more about the types of discounts you can earn as an American Family customer.
What Does Renters Insurance for a College Apartment Cover?
You may not think you have that much to protect, but renters insurance covers more than you’d expect.
Recognize the value
Say your belongings get smoke damage from the fire your neighbor started when making ramen noodles, or even worse, your apartment is unlivable. Can you afford the extra expense for temporary accommodation? Perhaps you accidentally chucked a Frisbee straight into your neighbor’s window and shattered the glass. These circumstances wouldn’t be covered under your landlord’s insurance, which is a common misconception, but your own renters insurance could protect you from the financial burden that comes with common gaffes or unexpected events like these.
Personal possessions
Renters insurance may cover things like your computer, bicycle, long board, TV, phone, gaming systems, your expensive (and heavy!) text books — most things that you wouldn’t want stolen or damaged. In fact, with renters insurance, your possessions are protected in the event something happens to them while you’re in class, at the library, and even when you’re on the go, like road trips home or when you’re on spring break.
Loss of use
If your place gets damaged and you’ve got nowhere to go, don’t sweat it. Your renters insurance could reimburse you for alternate accommodations and other costs while you’re displaced. Sounds better than sleeping on your friend’s couch, huh?
Personal liability coverage
If someone were to get hurt at your place, the personal liability on your renters insurance policy may protect you against financial loss if you are sued.
Medical coverage
If a friend slips and falls on your freshly mopped floor, or you accidentally knock someone over while running to make it to class, medical payments help avoid lawsuits by quickly covering smaller medical bills without regard to fault.
Adding identity protection
Since you’re an independent adult now, you might open a credit card for the first time or even your first checking account. Though credit card companies and banks work hard to keep your personal information safe, identity theft is still a possibility. The information you’re sharing online during everyday activities, such as online shopping and social media, is not as secure as you think. In the event your identity is stolen, identity theft protection assists you throughout the recovery process, including financial assistance and helpful resources to restore your identity.
Consider talking to your agent about adding this to your renters insurance policy. It could help you avoid some hassles and headaches down the road.
Am I Covered Under My Parents’ Homeowners Insurance Policy?
There are a few factors that determine if you’re covered under your parent’s homeowners insurance policy when you’re a college student.
Off-campus renting
If you live in off-campus housing, you may not be covered under your parents’ homeowners insurance. This is the perfect time for you to start “adulting” and make the responsible decision to add renters insurance. You’ll be pleased you do in case the unexpected happens!
Liability coverage
Take a load off Mom and Dad’s mind and get your own liability protection. Your renters policy includes liability coverage for both dorm living or renting a place off campus, with coverage limits you can select to meet your needs. They’ll be glad to know that if something happens, your policy will pay before theirs!
Is My Roommate Covered Under My Renters Insurance Policy?
The short answer is no. Both you and your roommate should have your own policies, which allows you both to get the customized protection that’s right for you. Get the 411 on roommates and renters insurance to learn more.
So You Need Renters Insurance? Take These Next Steps
As a college student, you’re probably more concerned about studying for exams and hanging with friends than thinking about renters insurance. But proactively protecting your belongings is one of the smartest things you can do. Connect with your agent today (Opens in a new tab) to find out more about how renters insurance can help protect your growing dreams!
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- 9 Steps to Create a Home Inventory for Insurance Claims
Your home is more than a roof over your head. It’s where your dreams grow, your family thrives and memories are made. But the possessions you keep inside are important, too.
Whether you’re renting an apartment or own your home, you’ve most likely got an insurance policy designed to protect your dwelling and the things inside. Should the unthinkable happen and you have to use that insurance policy, it’s important to have a plan in place. And a home inventory list is a great way to get started!
We’ll walk you through how to create a home inventory so — in the event of the unexpected — you’ll be more prepared and have a streamlined recovery.
What Is a Home Inventory?
Quite simply, a home inventory is a complete list of all the items, especially valuables, in and around your home. The best home inventories include photos, descriptions and dollar values of each of your belongings. The more detail, the better! It’ll help you provide a comprehensive list to your agent of items lost in the event your home is damaged or destroyed, allowing you to get the most out of your coverage.
When your describing the items in your list, remember that the more information, the better. Here’s a quick reference list of the type of information you should include in your home inventory list:
- An in-depth description of the items. For example, rather than writing down “diamond ring,” be more descriptive, such as: “an emerald cut diamond ring, with white gold shank, accent stones and initials inscribed below the bridge.”
- Make, model, and/or serial number of the items.
- Date of purchase, receipts and photos.
- Estimated replacement cost if you bought it today. Do note that the value of the items might be different today than it was when you first bought them. This is especially true with jewelry, and other valuables.
- Appraisals at time of purchase. Especially if your items were appraised for insurance purposes.
Why Do I Need a Home Inventory?
Whether you’re a homeowner or a renter, everyone can benefit from a home inventory!
If you ever have to make a claim, a home inventory is a great asset to have, especially after stressful events like theft, storm damage or a fire (take a look at how one renter used their home inventory after facing an apartment fire).
When you make a claim, you typically submit information on everything that was lost — which can be difficult to do off the top of your head for all your possessions. Remembering to replace your TV or computer are no-brainers, but when it comes to remembering each piece of jewelry in your jewelry box, things tend to get overlooked. Having a personal property inventory will help, along with knowing how to properly insure your jewelry.
When you have your home inventory checklist, you know exactly what needs to be replaced, and you’ll have peace of mind knowing your entire household is protected.
- Reasons Why a Roof Leaks
You’re admiring the rain from the comfort of your home when you notice a sound — the unmistakable drip of water dropping onto your floor. The first and hardest step is figuring out why your roof is leaking. And with these tips, you’ll find the culprit in no time!
Here’s Why Your Roof Is Leaking
The list of reasons why your roof is leaking may seem long, but don’t worry — when it comes to finding the leak and fixing it, the finding is the hardest part. And the good thing about these problems? They can all be fixed. Check out the list and see what’s troubling your roof:
Your roof is old
Roofs don’t last forever. Protecting your home and everything inside it from the elements comes with a cost. And with all that rain, snow, ice, wind and even sunlight wearing down your roof, it becomes more susceptible to leaks. Every roof will eventually need to be replaced, so learn more about how long your roof should last based on what it’s made of.
- How to Check Your Roof for Storm Damage
There’s no good time to find out your roof needs repair — but you may be able to mitigate that pain by routinely checking your roof for damage after severe weather. Waiting for a leak or damage to present itself gives the problem time to grow and worsen.
And sometimes, you’ll be faced with expensive roof and interior damage repairs if you’re not diligent. By being proactive and checking your roof for damage after severe weather hits can help your roof — and your savings — stay healthy.
