College Student Renters Insurance – Is It Necessary?
Why? Well, because their lease probably requires it is a good start. Even more important, though, is the fact that as co-signer or guarantor of their apartment, you are responsible for whatever happens there.
That’s right, you’re responsible for bad things that happen in your child’s college apartment. That’s one of the reasons that student renters insurance is necessary not only for them, but for your protection. We’d like to share a story we heard from a leasing agent on social media, about one of his student residents, in a discussion group for frugal people that was asking this exact question:
Logan wanted a hammock inside his apartment. Not the weirdest thing. What you might not know about hammocks is that they are hung by things called bolts. Think of a screw on steroids. They’re large.
He put this bolt right through a water pipe and flooded his four bedroom apartment, the one below him, and the one directly below that.
Logan didn’t have renters insurance.
Logan was billed $75,000 for replacement of all the students’ personal items, repairs to all of the apartments, and for housing the students in a local hotel. That’s 12 peoples’ worth of stuff and housing he had to pay for.
That’s right, Logan was billed seventy-five thousand dollars for this nightmare. And when Logan couldn’t pay it, do you know what happened? Logan’s parents were billed seventy-five thousand dollars for this nightmare. If they didn’t pay it, they were going to get sued. This is why college student renters insurance is so important.
If may be that your homeowners policy offers some protection for your student, but it’s generally quite limited, sometimes as little as ten percent of the coverage on the actual policy. Would $50,000 of liability afforded by a homeowners policy like that have been enough? Absolutely not. But renters insurance for college students would have provided enough coverage.
Effective Coverage offers renters insurance that works for student housing with a base liability coverage of at least $100,000. That amount would have ensured that Logan had the coverage he needed in order to make right all of the damage that his negligence caused, and it would have ensured that Logan’s parents weren’t on the hook for the difference, or indeed for any of it. That coverage also would have ensured that the carrier would defend Logan if the apartment complex sued him. That’s important, because the costs of defending against a suit like that mount quickly.
College student renters insurance isn’t just for liability, though. Do you really want to replace your student’s iPad when it gets stolen? What about replacing their phone off-contract? Or their furniture? Renters insurance generally pays for the cost to replace the item with a new item of like kind and quality. Whether the loss is caused by fire, theft, vandalism, or any of the other perils named in the policy, Logan’s property and your student’s property would be protected against those losses.
Renters insurance for students often costs as little as fifteen dollars a month. All you have to do is call (800)892-4308 or click to get covered - whether you need College Student renters insurance quotes online or coverage anywhere else!
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. You’ll get quick help from a renters insurance expert who can help you to get the right coverage to protect both your student and you. Effective Coverage is the national leader in renters insurance and has made the quoting and purchasing process easier than ever. You can even buy renters insurance online.