Often student tenants have the common misconception that their possessions will be covered by the insurance coverage of their landlord or parents, while away at school. This is likely why many students dismiss renters insurance as something they can live without.
Quite commonly, the property owner’s insurance will only cover the property itself; not any of the contents inside the building. This raises the question - should student tenants buy renters insurance?
When students head off to college or university, they often have medical and/or dental insurance under their parents or through a benefits plan offered at their school. As well, students who own a car will certainly have car insurance. These insurance plans cover the personal safety of students, but what about protecting their belongings?
This is where renters insurance comes into play. It’s something all students should consider as a cost-effective way to protect their belongings.
Let’s review what an average student would own, including the estimated value of each possession:
$ 1,000+ for textbooks and school supplies
$ 700+ for a laptop
$ 500+ for a television
$ 800+ for a smart phone
$ 3,000+ Total
It is reasonable to estimate that most students would have a minimum of $3,000 worth of possessions in their rental unit. Some students may even have more, if they’ve brought furniture or more electronics with them to school.
Renters insurance generally has three categories of coverage:
Personal Property: Covers the value of all possessions within a property in the event of a fire, natural disaster, vandalism, theft, etc.
Liability: Protects the insured person against a lawsuit or claim, should an individual become injured while at the property, etc.
Additional Coverage: Depending on the insurance plan, additional coverage may be included, such as temporary housing in the event of displacement, etc.
In most cases, renters insurance is very affordable and can easily fit within a student’s budget. Typically, a student can buy renters insurance for approximately $175 - $300 per year ($15 - $25 per month). While this type of insurance is not mandatory for students, it can be an affordable investment for peace of mind.
SEE ALSO: Students: Be a Good Neighbor
The Places4Students.com Team