
The transition from high school to college is a significant and brings about new responsibilities and increased independence. Acquiring insurance may be part of your family’s new responsibilities. Although the task may seem daunting, it is important to educate yourself. Follow these tips on renters insurance for college students to ensure you have the right coverages to protect yourself and your belongings.
The Basics of Renters Insurance
Renters insurance for college students is designed to protect you and your belongings at an affordable cost, whether you are living on or off campus. In exchange for paying a premium, you transfer the risk of loss and liability to an insurer.
The two main components of renters insurance are:
- Personal Property. Protects you against the loss of personal belongings such as furniture, clothing, jewelry, electronics, and more.
- Personal Liability. Covers medical bills and legal fees if you are found liable for someone that is injured at the property you are renting.
Tip #1: Check your Parents’ Homeowners Insurance Policy.
Your parents’ homeowners insurance may cover your personal liability and property while you are living on campus due to an extension of their “off-premises” coverage. It is important to review your parents' policy with an agent to better understand what is and is not covered.
- Personal Liability Coverage Extension. May cover repair costs, medical payments, and legal fees if you are found liable for damaging school property or injuring another person.
- Personal Property Coverage Extension. May cover a portion of the cost to repair or replace your belongings if they are damaged or stolen. Most homeowners policies will only cover up to 10% of the original policy limit. For example, if the total personal property coverage is $100,000, your possessions would be covered up to $10,000.
- Should you get Additional Coverages? A floater policy could provide you with additional coverage for valuable items capped by an already existing policy. If you’re unsure whether something is covered, contact your agent before the semester begins.
Considerations and Limitations
If you do not meet the eligibility criteria for coverage under your parents’ policy, you may want to consider purchasing your own renters insurance to ensure continuous protection.
- Age Limitations. Many policies only extend coverage to students under the age of 26.
- Enrollment Considerations. Some policies require you to be enrolled as a full-time student. Full-time student status varies by institution and semester.
- Amount of Time Spent at Home. An insurer may determine that you are no longer eligible to receive an extension of your parents’ coverage if you are no longer a “resident” of their home. If you did not live at home prior to leaving for college, or rarely visit home, you may be excluded from your parents’ coverage.
Tip #2: Who to Include on your Renters Insurance Policy.
- Roommates? If your roommate is not related to you, they should get their own policy to properly cover themselves and their belongings.
- Siblings or Domestic Partners? If your roommate is related to you, depending on state regulations and your insurer, they can be added to your policy. However, it is important that you purchase enough coverage to protect everyone’s possessions. You may also want to consider the potential complications of having shared claims and liability history.
- Parents? You do not need to list your parents on your renters insurance policy.
Tip #3: Commonly Asked Questions About Renters Insurance.
- Can my Landlord Require me to Have Renters Insurance? Yes, landlords can require renters insurance as a condition of the lease agreement. They may specify minimum coverage amounts and require you to list them as additional insureds on the policy.
- Is Renters Insurance Required by Law? Although states like Florida do not require renters insurance, other states may have different laws.
- Are Dorm Insurance and Renters Insurance the Same Thing? While dorm insurance is a form of renters insurance for college students, it primarily only covers your personal belongings within your dorm room. Renters insurance provides broader coverage for both on-campus and off-campus housing that includes liability and other additional coverages.
- What Additional Coverages should you Consider Obtaining? You may want to consider adding additional coverages to your policy for specific, expensive items, such as your laptop, family heirlooms, and other valuables. Renters insurance policies may also offer Identity Theft Coverage, Flood Endorsement, Medical Payments, and Loss of Use.
Tip #4: Create an Inventory of your Belongings.
What is a Home Inventory? A home inventory catalogues all your personal belongings. A well-documented home inventory is essential to making sure renters insurance for college students is as effective as possible. It can help you determine if you have purchased enough coverage and can speed up the claims process in the event of a loss.
How to Create a Home Inventory. You can create a home inventory by using a smartphone app, or by taking pictures and videos of each item to prove it is in your home.
- Write a description for each item that includes its age, cost, place of purchase, and condition.
- Record the quantity of accessories or clothing items when creating your inventory list. For example, “7 pairs of jeans, 5 T-shirt, and 4 shorts.”
- Update your home inventory frequently, especially after you acquire valuable items.
Tip #5: Factors that Influence the Cost of your Renters Insurance.
- Type of Belongings. Students typically have fewer possessions, which may result in lower premiums.
- Area of Residence. Living in a low-crime or low weather-related risk area can reduce your premium.
- Higher Deductibles. Choosing a higher deductible can lower your monthly premium.
Tip #6: Make sure your Residence is Secure.
- Always lock your Windows and Doors: Even if you are only briefly stepping out, always make sure to lock the front door and windows to prevent theft.
- Use Home Security Devices: If your residence hall or landlord allows for the installation of remote monitoring systems, consider installing a home security device, such as a smart home system, to further protect yourself and your belongings.
- Hide your Valuables: Keep expensive items, such as your laptop, wallet, and jewelry out of sight and consider investing in a safe or lockbox.
Tip #7: Go to School with Ovation.
Ovation Insurance Exchange is here to help you have a safe college send off. Taking the time to understand renters insurance for college students now can save you stress and money later. Let us take some pressure off your transition to college by insuring what matters most to you.
If you are interested in learning more about our coverages, talk to your local Ovation Insurance Exchange agent or get a free online quote today.