84% of State Insurance Commissioners Recommend College Students Consider Renters Insurance

Over the decade that GradGuard has worked to protect college students and their families, we have tracked the guidance that state insurance commissioners provide regarding the value of renters insurance.

Starting in 2013, 28 insurance commissioners suggested college students consider renters insurance.  In 2019, 42 insurance commissioners made such a recommendation. 

The 150% growth in recommendations is likely a result of the real financial losses students experience while living both on and off-campus.   In fact, an analysis of campus safety and crime data provided by more than 700 schools Clery Act reports, reveals an average of more than 28,000 campus crime and safety incidents. Furthermore, on average 1,999 fires are reported in on-campus student housing.

States Recommended Renters Insurance
Alabama – AL Yes
Alaska – AK Yes
Arizona – AZ Yes
Arkansas – AR Yes
California – CA Yes
Colorado – CO Yes
Connecticut – CT Yes
Delaware – DE Yes
Florida – FL No
Georgia – GA Yes
Hawaii – HI No
Idaho – ID Yes
Illinois – IL Yes
Indiana – IN Yes
Iowa – IA Yes
Kansas – KS Yes
Kentucky – KY No
Louisiana – LA Yes
Maine – ME Yes
Maryland – MD Yes
Massachusetts – MA Yes
Michigan – MI Yes
Minnesota – MN Yes
Mississippi – MS Yes
Missouri – MO Yes
Montana – MT Yes
Nebraska – NE Yes
Nevada – NV No
New Hampshire – NH Yes
New Jersey – NJ Yes
New Mexico – NM Yes
New York – NY Yes
North Carolina – NC Yes
North Dakota – ND Yes
Ohio – OH Yes
Oklahoma – OK Yes
Oregon – OR Yes
Pennsylvania – PA Yes
Rhode Island – RI Yes
South Carolina – SC Yes
South Dakota – SD Yes
Tennessee – TN Yes
Texas – TX No
Utah – UT Yes
Vermont – VT No
Virginia – VA No
Washington – WA Yes
West Virginia – WV No
Wisconsin – WI Yes
Wyoming – WY Yes

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 it would cost for you to replace your property. 

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.

According to the co-founder of GradGuard, John Fees, ‘For about 50-cents a day, students can protect their students’ belongings against losses, making renters insurance a must-have consideration for college families. Whether you are living on or off-campus college students and their families are smart to consider purchasing renters insurance before the start of school.”