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How renter insurance can be a college student’s lifesaver

Thursday, October 1, 2015by  Jenille Manalo

college student jenille

by Jenille Manalo 

The bells have rung, the need for Pumpkin Spice Latte has intensified, and college students are finally moved into their off-campus apartments and houses. The new school year has officially begun.

When college students move into their own apartment or rented house for the first time, it's an exciting milestone that marks a certain amount of newfound freedom. But, amid all this independence, many young people tend to overlook the importance of renter insurance.

One reason might be that everything just seems too expensive. In my senior year of college, I spent over $500 on textbooks before fall quarter even started – and that’s on top of paying rent and other expenses – not exactly how I wanted to kick off the school year financially, but it was necessary.

However, it’s important for young people to know that renter insurance might just save them from having to spend double that amount in the event those prized textbooks were to disappear.

I know lots of college students who rent off-campus apartments or houses who don’t realize that they’re not covered by their landlord's insurance policies. They might be covered by their parents' policy, but the parents should confirm that with their insurer. Students also probably don’t realize that renter insurance can help cover the cost of replacing personal belongings, like electronics, clothes and other items that may get damaged or destroyed in an unexpected event.

There also are cases where a landlord might insist on a student's name being listed on the insurance policy. If so, the student would need to have a renter policy.

Renter insurance can also help replace stolen items. Every school year, dozens of notifications and alerts are sent out by the campus police to university students regarding burglaries that occur on or near the college campus. Theft-related incidents can happen in libraries, lecture halls, parking lots and especially in your home. With renter insurance, students can protect their valuable items – including textbooks or laptops – which are easily stolen from any of those spots.

With so much going on in the life of a college student, it’s easy for renter insurance to get overlooked. Most college students underestimate the total value of their personal property, but renter insurance ultimately can protect them from spending hundreds, or even thousands of dollars to replace damaged or stolen goods.

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