Moving into a dorm or your first apartment is an exciting milestone. Between buying furniture, stocking the kitchen, and getting ready for classes, insurance is probably the last thing on your mind.
But here’s a question worth asking:
If your laptop was stolen tomorrow, could you afford to replace it?
For many college students, the answer is no.
That’s where renters insurance comes in.
Doesn’t My Parents’ Homeowners Insurance Cover Me?
Maybe.
Some homeowners insurance policies provide limited coverage for students living in a dorm. Once you move into an apartment or rental home, though, that coverage may change or may not apply at all.
The only way to know for sure is to review your policy with your insurance advisor.
What Does Renters Insurance Cover?
A renters insurance policy can help protect the things you use every day, including:
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Laptops
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Cell phones
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TVs
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Furniture
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Clothing
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Gaming systems
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Bikes
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School supplies
If your belongings are damaged by a covered loss or stolen, renters insurance may help pay to repair or replace them.
It can also include liability coverage if someone is injured in your apartment or you accidentally damage someone else’s property.
If a covered claim makes your apartment unlivable, your policy may also help pay for temporary housing and other extra living expenses while repairs are being made.
How Much Is Your Stuff Worth?
Most students don’t realize how quickly everything adds up.
Think about what you might have with you:
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Laptop: $1,200
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Phone: $900
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TV: $300
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Gaming console: $500
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Clothes and shoes: $2,000+
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Furniture and décor: $1,500
Before long, you could easily have $6,000 to $10,000 worth of belongings.
Replacing everything out of pocket would be expensive.
Is Renters Insurance Expensive?
Not usually.
Renters insurance is one of the most affordable types of insurance available. Many policies cost less than what students spend each month on takeout or streaming services.
For a relatively small cost, it can provide valuable financial protection when the unexpected happens.
Before You Move In
Whether you’re moving into a dorm, an apartment, or a rental house, take a few minutes to review your insurance coverage.
It may turn out you’re already covered. Or you may find that a renters policy is the right fit for your situation.
Either way, it’s much better to find out before you need it.
We’re Here to Help
If you’re heading off to college or your student is signing their first lease, we’d be happy to review your current insurance coverage and answer any questions.
A quick conversation today can help you avoid surprises later and give you one less thing to worry about during move-in season.
