According to Clery Act reports, in 2016, the number of fires that occurred in on-campus student housing facilities was up 6.7% from 1,916 in 2015 to 2,044 fires in 2016. In addition to fires, the number of reported criminal offenses increased by almost 3% from 36,337 crimes to 37,389. This is based on reports from nearly 700 institutions.
According to Bob Soza, President of College Parents of America, “We recommend families consider renters insurance because college students and their parents are often caught unprepared, and these unexpected incidents can also disrupt a students’ education.”
In fact, a majority of state insurance commissioners recommend college students consider renters insurance.
With so much money at stake, John Fees, co-founder of GradGuard, suggests that “college parents make a plan in case their student is a victim of theft, their property is damaged by a fire or water damage or if they are found responsible for damages they may cause.”
The Top 3 Reasons Renters Insurance is a Smart Decision for College Students:
1. If you can’t afford to replace your backpack, bicycle or computer – Renters insurance can replace your stolen or damaged property. Renters insurance can cover those costs and help you get back to classes, without the added stress of a financial loss.
2. If your school does not replace stolen or damaged property – In a 2017 survey of student housing leaders, 98% of schools report that they do not replace stolen or damaged student property. Be sure to check with your school to see what their policy is and how much money is at risk.
3. If you can’t afford to pay for damages you cause – True renter’s insurance includes personal liability protection and can help pay for unintentional damages when a student cannot.
Fees added, “college students and their families are smart to consider purchasing renter’s insurance before the start of school. For about $12.00 a month, students can secure protection against financial losses making renters insurance a must have consideration for college families.”