September 7, 2023

Renters insurance is an essential safeguard that college students should consider having. As young adults transition to independent living, college students often find themselves living in off-campus apartments or rental houses. While the idea of unforeseen events may seem distant, the reality is that unexpected incidents can occur at any time. Renters insurance offers a range of benefits tailored to the unique needs of college students.

On Campus Housing

For most first-year students, an on-campus living arrangement will be preferable. Dorm rooms on campus will come fully furnished and include necessary amenities. The student can navigate the landscape of the campus easily, being able to walk to wherever they need to go. The cost of on-campus living is typically bundled in with tuition, usually being paid up front per semester.

While living on campus, most students will be covered by their guardian’s homeowners or renters policy, meaning that no additional coverage is needed. This is because first-year students technically still legally reside at their parents’ home.

Students are encouraged to double-check with their parents what kind of coverage is included. If there is damage or theft that costs less than their parents’ deductible, then it will not be covered. Since students are not legally required to have their own renters insurance policy while living on-campus, safety protocols and management are usually enforced in on-campus housing in order to protect from any damage or theft.

Off-Campus Housing

Some students, especially after their freshman year, may opt for off-campus housing. This will typically be a house or apartment that’s ideally close enough to college grounds for an easy commute to classes but isn’t owned or managed by the university. This means that rent is paid through a landlord or property management. Most landlords and property managers will require renters insurance.

Coverage will usually protect personal belongings such as electronics, furniture, clothing, and other valuable items. In the event of theft, fire, or other covered incidents, the insurance policy can help replace or repair these items. Considering the cost of replacing essential belongings, renters insurance offers financial protection to college students who may not have the means to quickly replace stolen or damaged items.

Liability coverage is also essential for college students. This type of protection can cover the costs associated with accidental damage to the rental property or injury to others while they are in the student's rented space. For example, if a guest slips and falls in the apartment and incurs medical expenses, renters insurance can help cover those costs. This coverage can help students avoid potential financial burdens and legal issues that may arise from accidents or injuries.

Why should they purchase?

College students may not always have the financial means to replace these items immediately, making renters insurance even more crucial. Overall, by providing financial protection against theft, damage, liability, and temporary displacement, renters insurance is a wise investment for college students, offering peace of mind and a safety net during their academic journey.

Make sure your college student is covered.

This may be a good time to consider purchasing a renters insurance policy to cover his or her belongings. Renters insurance can also provide liability coverage, which could save you from paying out of pocket if your child is found legally responsible for someone else’s injuries that occurred in their home. For the cost of a pizza a month, a renters insurance policy could come in handy down the road.

Be sure to talk to your agent about your insurance coverage and how it applies to your child now living away from home. To get a free quote on renters insurance or to locate your closest Farm Bureau Insurance of Tennessee office, visit www.fbitn.com.