College students are smart to consider protecting themselves with renters insurance. In fact, most state insurance commissioners recommend college students consider renters insurance.
According to the 2018 Clery Act reports on campus crime, colleges and universities reported 22,469 burglaries. During the same year, campuses reported 2,070 fires within on-campus student housing.
“While property crimes like burglary and campus fires are an ongoing problem on many college campuses, the good news is that there is a renters insurance policy that is designed just for college students,” said John Fees, co-founder of GradGuard, an authority on protecting the investment of college students and their families and a leading provider of renters insurance to schools nationwide.
With so much money at stake, Fees suggests that college parents make a plan if their student is a victim of theft, their property is damaged by a fire or water damage, or if they are found responsible for accidental damages, they may cause. As a result, college students and their families are wise to consider purchasing renters insurance before the start of school.
The Top 3 Reasons Renters Insurance is a Smart Decision for College Students:
- 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.
- If your school does not replace stolen or damaged property – The majority of schools 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.
- If you can’t afford to pay for accidental damages you may cause – True renters insurance includes personal liability protection and can help pay for unintentional damages when a student cannot.
According to Bob Soza, President of College Parents of America, “not all renters insurance programs are the same. We recommend GradGuard’s college renters insurance plan because it includes an exclusive student endorsement that provides affordable coverage that features a low deductible, worldwide property coverage, and no credit check.”
Fees continued, “college students and their parents are often caught unprepared, and these unexpected incidents can also disrupt a students’ education. Fortunately, they do not also need to be unprotected; for about .50 cents a day, students can secure protection against financial losses making renters insurance a must-have consideration for college families.”
This article was updated in July 2020