What Is Renters Insurance? (For Students)

A common misconception amongst students is that the property owners are required to reimburse you if unfortunate events, like fire, storm or theft that cause loss of property occurs. As emphatic as landlords can be, their insurance policies cannot cover you.

In simple terms, it’s your problem if you lose something valuable from your off-campus student housing, or you find your possessions wrecked by a storm or fire. It can be a devastating experience, especially for a student living off-campus.

Luckily, renters insurance can protect you from such financial losses. A basic policy covers:

  • Personal property: Protects your personal properties from a covered event, such as theft, natural disasters and fire. Common exclusions include earthquakes and flooding.
  • Liability: Protects you against lawsuits or a claim if a visitor gets injured in your student apartment or you accidentally hurt someone.
  • Additional expenses: Meets the cost of meals and temporary accommodation if you can’t live in your off-campus housing while covered damages are repaired.

Do All Students Need Renters Insurance?

If you think insuring your items in a dorm or in your off-campus student housing isn’t important, think again. Most students have many things that most people (including students) undervalue. For instance, a student who brings jewelry, laptop computer, sports equipment, television and other items can easily have belongings worth tens of thousand dollars.

As mentioned earlier, students may or may not require renters insurance depending on where they live, their age, and their parents or guardians’ homeowners insurance policies.

It’s always prudent to confirm with your parent or guardian’s insurer whether your properties are covered.

Students Living in Dormitories

Most students who live in college or university dormitories don’t require renters insurance. Their parents or guardians’ homeowners insurance policies will probably cover the student’s personal properties.

However, it’s always prudent to confirm with your parent or guardian’s insurer whether your properties are covered. Some policies exclude personal property in a dorm setting. You also need to keep in mind that if you’re above 26, your folks’ homeowners insurance won’t extend to you.

Students living in off-campus housing

Most colleges and universities require students to reside in their dormitories for at least one time. Most students choose to live in off-campus student housing or student apartments nearby once they’ve met that requirement.

If you live in an off-campus housing, you need to have a renters insurance policy to cover your personal property. losing personal property may not have long-term consequences, but a lawsuit can be financially devastating. only a liability coverage in renters insurance can help you meet these costs.

No matter how careful you are, unexpected occurrences like accidents can occur, which may destroy your property or get you sued. Legal costs alone can be overwhelming even when there’s little ground for a case against you. Why risk it all when renters insurance for students is relatively inexpensive? For more information, contact CEV Cottages at Greensboro.

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