Do you need renters insurance in college?

Deciding whether you need renters insurance can depend on your college housing situation. But regardless of where you live, renters insurance is a smart move that can protect you from unexpected financial burdens.

Let’s explore some common questions about renters insurance and how coverage from American Family Insurance can offer you peace of mind.

Do I need renters insurance if I live in a dorm?

If your parents’ home 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, coverage for your belongings under their policy is typically limited — usually only about ten percent of their personal property limit. Having your own renters insurance helps protect your belongings, giving you the peace of mind you need to concentrate on your studies.

How much is renters insurance for a college student?

We understand that college students often live on a tight budget. But here’s a nice surprise: renters insurance covers your valuable things and more, at an affordable price. In fact, it typically costs less than 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 might expect.

Recognize the value

Say your belongings get smoke damage — or even worse, your apartment is left unlivable — after a fire your neighbor started when making ramen noodles. Can you afford the extra expense for temporary accommodation? Or perhaps you accidentally chuck a Frisbee straight into your neighbor’s window and shatter the glass. These situations wouldn’t be covered under your landlord’s insurance, which is a common misconception, but your renters insurance could help protect you from the financial burden of mishaps like these.

Personal possessions

Renters insurance may cover things like your computer, bicycle, TV, phone and gaming systems — most things you wouldn’t want stolen or damaged. In fact, with renters insurance, your possessions are protected whether you’re in class, at the library or on the go, like during 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 crashing on a friend’s couch, huh?

Personal liability coverage

If someone gets 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 on spilled water in your kitchen or you accidentally knock someone over while rushing to class, medical payments paid by your renters insurance can help avoid lawsuits by quickly covering smaller medical bills.

Adding identity protection

As an independent adult, you might open a credit card or checking account for the first time. Though credit card companies and banks work hard to keep your personal information safe, identity theft is still a possibility. The information you share online during everyday activities, such as online shopping or interacting with social media, isn’t as secure as you might think. If your identity is stolen, identity theft protection assists you throughout the recovery process, including financial assistance and resources to restore your identity.

Consider talking to your agent about adding this to your renters insurance policy to avoid hassles and headaches down the road.

Am I covered under my parents’ homeowners insurance policy?

Several factors determine if you’re covered under your parent’s homeowners insurance policy as a college student.

Off-campus renting

If you live in off-campus housing, you may or may not be covered under your parents’ homeowners insurance — it depends on if you’re still considered an insured under your parents’ policy. If you are, it doesn’t matter whether you live in a dorm or an apartment, you’d have coverage.

Keep in mind, this may be the perfect time for you to start “adulting” and make the responsible decision to start your own renters insurance policy. You’ll be glad you did in case the unexpected happens.

Liability coverage

Take a load off your parents’ minds by getting your own liability protection. Your renters policy includes liability coverage for both dorm living and renting off campus, with coverage limits you can select to meet your needs. They’ll be relieved knowing that if something happens, your policy will pay before theirs!

Is my roommate covered under my renters insurance policy?

The short answer is no. You and your roommate should have your own policies, allowing you both to get the customized protection that’s right for you. Get the 411 on roommates and renters insurance so you can be confident of your coverage.

So, you need renters insurance? Take these next steps.

As a college student, you’re probably more focused on 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 to find out more about how renters insurance can help protect your growing dreams!

This article is for informational purposes only and based on information that is widely available. This information does not, and is not intended to, constitute legal or financial advice. You should contact a professional for advice specific to your situation. We are not responsible for the content of any third-party sites that may be linked in this article.

This information represents only a brief description of coverages, is not part of your policy, and is not a promise or guarantee of coverage. If there is any conflict between this information and your policy, the provisions of the policy will prevail. Insurance policy terms and conditions may apply. Exclusions may apply to policies, endorsements, or riders. Coverage may vary by state and may be subject to change. Some products are not available in every state. Please read your policy and contact your agent for assistance.