There are a few companies who unfortunately won’t write renters insurance for college students, but whether you’re going back for your final year, or you’re the parent of a freshman to be, you need protection for your property! Read on to find out how to protect all of your things before returning to school.
Why do I need renters insurance for college students?
Schools don’t insure student belongings, and they certainly don’t do so off-campus. Since renters insurance is at replacement cost, any damaged, lost, or stolen items can add up quickly, especially if you’re taking classes that require extra equipment! Your Enterprise, NV Renters Insurance could pay for books to be replaced mid-semester, when they’re expensive, and also when they’re most likely to be stolen. Some majors require thousands of dollars on books or expensive equipment per semester (digital media anyone?), and it’s worth having a policy for that reason alone.
You’re probably taking several thousand dollars of electronics to school with you, from your laptop, cell, tablet, and other devices. That’s thousands of dollars in things that are easy to steal, but not so easy to replace. Devices can be replaced by renters insurance for college students – but the data can’t be. That’s why backups are always important – especially when you’re working on those last-minute projects that always seem to crop up. With the availability of cloud services, automatic backups are easy. You don’t want to work all night on a project, only to have all that time lost due to theft!
What does renters insurance for college students cover?
Renters insurance for college students covers the same things it does for anyone else. However, college students have more risk than most other people. You’re transporting expensive electronics, perhaps leaving them in their car, and that increases your exposure to risk. Fortunately, a renters insurance policy covers theft of items stolen from your vehicle!
College student renters insurance policies cover personal property from numerous types of damage, whether that’s a burst pipe, theft, or many other things – all listed in your policy. Today coverage is almost always written at replacement cost. The actual cash value of a six-month-old laptop has diminished significantly, but with replacement cost coverage, you can buy a new laptop of similar kind and quality at the current price if there’s a covered loss.
If there’s a fire, you won’t be able to stay in your apartment for a few days, at minimum. That’s standard procedure even if your apartment isn’t directly impacted by fire. You’ll need a place to stay, and if you’re hundreds of miles from home, it may be difficult to study and do other work, if you’re staying with friends.
That’s where additional living expenses coverage kicks in on your college students policy. Hotel coverage is included in this coverage. So that fire that happened in your building? No need to worry, your accommodations are taken care of. This allows you to keep studying instead of having your entire semester uprooted because a neighbor left a candle burning three doors down.
Does renters insurance for college students cover my roommate too?
The standard policy form covers the named insured, their resident spouse, and their resident relatives. Roommates are not included, but in many cases it’s possible to endorse a roommate onto a college student renters insurance policy. There is a small cost, but it turns out everyone ends up paying less this way. If you each bought a separate policy, you’d both be paying full price.
But if you endorse roommates onto a policy, it’s crucial to take another hard look at the coverage. The total aggregate limit of the coverage does not change with roommates on your policy. So while $25,000 of personal property coverage might be too much coverage for just you, with a roommate, it might be just the right amount.
Liability limits are aggregate for the policy, as well. If two roommates are equally responsible for a fire in their apartment building, and there’s only $100,000 of liability coverage between them, both coverage and defense paid for by the insurance company end when the policy limits have been exhausted in a settlement. It’s very important to increase the liability coverage to reflect multiple roommates, as well.
Whether you need Enterprise, NV Renters Insurance, or renters insurance for college students just about anywhere else in the country, it’s quite affordable. Effective Coverage works with numerous underwriters and gets you the best price for your needs. Renters insurance has never been expensive, really.
The national average price of renters insurance is just $187.00, according to the III. That works out to as little as fifteen dollars per month. The vast majority of families can budget renters insurance easily at those prices.
Additionally, it's important to note that renters are at a significantly higher risk of experiencing loss than homeowners. Renters occupy roughly one third of total housing stock in the country, and yet they are fully fifty percent more likely to experience theft than homeowners, according to the Bureau of Justice Statistics.
It only costs a few dollars a month to protect your family, and this cheap renters insurance is a great way to mitigate the additional risks that come with being a renter.
Effective Coverage offers the nation's only completely mobile platform to quote and purchase renters insurance right from your phone or tablet in just one minute. Get an online renters insurance quote today and protect your family.
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