With tuition costs and living costs on the rise, it’s no wonder students are often on a budget. Can students really afford renters insurance on top of all the expenses that come with going to school? Perhaps the better question is, can they afford not to? Considering the theft rates that plague campuses, perhaps not. Whether you live on or off campus, there are several factors why you might consider renter’s insurance:
If you’re not covered under your parent’s homeowner’s insurance.
Check with your parents to see if you’re covered under their homeowner’s policy. Typically, homeowner’s policies will cover full-time students who live in the dorms. There are things to consider about this policy however – often homeowner’s have high deductibles that your parents may not want to file a claim against and risk raising their rates. Homeowner’s policies may not cover liability, so make sure to evaluate whether you need that coverage.
If you live off campus.
As I stated above, most homeowner’s policies only cover full-time students who live in the dorms. Your landlord’s policy does not apply to you, so you may want to consider getting your own renters policy.
If you’ve got a lot of stuff you probably can’t afford to replace.
If you’re a student, you’ve got a lot of stuff. A laptop, a cellphone, speakers, a TV, your bike, clothes… Add that all adds up and it’s worth a whole lot of money to replace. Most renters policies will allow you to choose the amount you’d like to insure so you can replace everything with no cost to you. Renters policies typically have low deductibles as well.
If you’re clumsy/newly independent.
So you forgot about that quesadilla you were cooking and ended up burning the wall in the dorm. Or you couldn’t resist hanging a million posters in your room… with nails. Or you were throwing a football around and you hit the sprinklers and flooded the place. There are a million easy ways to cause damage to your living space, on campus and off, that you could be held responsible for. Renters insurance can help cover any costs you may encounter living on your own for the first time.
If you like to throw parties, or hate doing chores.
Sure parties are fun, but what if someone gets hurt? Or if you put off shoveling the driveway after a storm, or cleaning up a spill, and someone slips and falls while visiting? You could be liable. Renters policies often cover that liability.