Renters Insurance For College Students FAQ

As a college student, you have a lot of decisions to make when you leave home for school. Whether or not you should get renters insurance to protect your possessions is one of those decisions. If you are thinking of getting coverage, here is what you need to know.

Is Renters Insurance Necessary?

Whether or not you opt for renters insurance depends on your situation. If you plan to stay on-campus, there is a possibility that coverage is provided through the school's insurance provider. However, you should closely review your agreement to determine if you truly have coverage.

If your parents have homeowners insurance, the coverage sometimes extends to your dorm room. Check your parents' insurance policy to determine if there are any requirements, such as being a certain age.

In the event that you are living off-campus or you are not covered by the school or your parents' policy, you need to find coverage.

What Types of Insurance is Available?

Renters insurance usually covers liability and personal property. Personal property covers your personal belongings in the event that they are stolen or damaged. Liability helps to cover you in the event that you are sued for an injury or damage that occurs in your housing.

For instance, if a friend trips over your books and suffers an injury, he or she can file a claim on your insurance for medical bills and other related damages.

If you have any expensive items in your housing, such as expensive jewelry, you can opt for additional coverage. The additional coverage can increase your premium.

Are There Limitations to Coverage?

Renters insurance does not provide unlimited levels of coverage. Depending on the policy you select, the amount you could receive for damaged or stolen property could be limited. Even if you are on your parents' homeowners policy, there are still limitations.

It is important to note that your parents' insurance provider might limit the amount of coverage you can receive based on how much coverage they have. For instance, if your parents have $200,000 limit for the overall policy and your coverage is limited to 10 percent, your belongings could be limited to protection of up to $20,000.

The best way to evaluate your options is to consult with an insurance agent like Biglow & Company. He or she can help you explore your options, assess your needs, and even assist with finding an insurance plan that provides the coverage you need.