Before you head back-to-college this fall, take a moment to consider how you’ll protect all those things you’re running around to buy and pack up so you’ll be as prepared as possible leading up to the big move-in day. Not trying to be a buzzkill, but theft, fires, and other damages can and do happen on college campuses, and your stuff is definitely vulnerable. In fact, more than 30,000 burglaries are reported annually related to college students, including 15,000 residence hall burglaries, according to government data. And each year, fire departments respond to over 3,800 fires in dormitories, fraternities, sororities, and barracks, according to the NFPA – about one per campus, per year!
A little common sense with your valuables will go a long way at college (like even though the bathroom is RIGHT THERE and you’re alone at the library… still not smart to leave your laptop unattended for any amount of time…). Taking important precautionary measures will also certainly help reduce your risk. But what if the unexpected happens? For those times, you have options: insurance can help keep you and your stuff protected. If it would be difficult to replace your belongings at school due to theft or damage, you may want to consider how insurance can help.
Homeowners Insurance 🏠
Your parent’s homeowner’s insurance policy could offer you coverage for your personal property while living on campus. However, there are limitations to the coverage it’ll offer, and probably won’t offer you any coverage if you live off-campus. Ask your parents if you can review their policy to see exactly what kinds of things would be covered under their homeowner’s plan. Filing a claim against homeowner’s policies can affect their premium, and they’ll have to consider their deductible too. Try comparing the value and coverage of their current plan with a renters insurance policy.
Renters Insurance 🏢
Renters insurance can be a real life-saver for college students. Thieves on college campuses don’t have to look far to find laptops, smartphones, cash, bicycles, and electronics, a quick walk through the residence hall and it’s all there. Those items, plus clothes, school supplies, and more, can be protected by renters insurance.
Your personal property and liability may benefit from coverage from losses like theft, vandalism, fires, water damage, and more. College life is hectic enough without having to worry about how you’d pay to replace your stuff should something happen. Whether in a dorm or apartment (or anywhere in the world!), your personal belongings can be covered with the right renters insurance coverage. Make sure to check with an agent to learn more about your options. There are student-focused renters insurance plans available as well.
Regardless of what plan you choose, be sure to look for:
- replacement cost, so you’ll be able to replace your belongings, not just their depreciated value
- electronics coverage, so all your stuff is sure to be covered
- check on other special limits – for things like jewelry, cash, musical instruments, to ensure your most prized possessions are protected
- worldwide coverage, so no matter where you are, the library, spring break, etc. you’ll be covered
- liability coverage
- a low deductible
Learn more 📚
For a quick overview about the value of renters insurance for college students, watch this brief video. Speak with your parents and an insurance agent to discuss options and to find the plan that’s best for you.