In 2022, the average college family spent an average of $1,199 per student on back-to-college shopping. You need a lot of things for college, but are those belongings safe in your residence hall or off-campus apartment? As you pack up your things for school, you may want to consider ways to protect your stuff. Insurance is one way to protect these items by offering financial protection in the case of a loss. However, knowing what kind of insurance you need to protect your belongings (and liability!) and how much that can cost can be confusing.
The first step is to determine whether your parents have homeowners insurance, then ask them about the terms of that insurance. Will it extend to cover you while at school? Is it enough coverage? If the answer is no to either of these questions, you may want to consider Renters Insurance. But how do you know what to get?
Luckily, I had the opportunity to sit down with GradGuard founder and insurance expert Bill Suneson to get the scoop, which is summarized for you below.