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dorm room living

Other Student Life

Why College Students Need Renters Insurance

April 4, 2022

In back-to-school mode, you and your parents may be caught up in the whirlwind of college life you have found yourselves in. With so much new information and experiences happening all at once, you or your family members may not think about some things when you head off to college. One of the most important things to consider when settling into your new residence hall, apartment, or condo is renters insurance.

Why you may ask? As a student, you are potentially bringing thousands of dollars worth of possessions to school, from electronics to books to laptops and even furniture. If your laptop gets damaged or stolen, how would you replace it? What about your clothes if your dorm room floods? These items may not break the bank to replace individually, but the costs can definitely add up! Have you ever thought about what ALL of your stuff costs, together, all at once? It may surprise you! That is why it’s so important to take an inventory of what you bring with you to school. The data collected over the last few years estimates that the total estimated cost of living per year for students, including food, housing, clothing, phone plan, and other things, is around $14,435, with an additional $2,316 on personal items.

The Break Down

Before you head off to school, it isn’t out of the ordinary to purchase many new things to go into your dorm room or apartment.

These dorm room items can include:

  • Bedding: Sheets, Pillows, blankets, duvets
  • Bath Items: Towels, robe, caddy, shower shoes
  • Decorations and other personal Items
  • Appliances: Microwave, TV, mini-fridge
  • Study Supplies: Calendars, planners, desk accessories
  • Storage: Drawers, baskets, bins, containers
  • Electronics: Gaming devices, iPads, speakers, streaming devices, cameras, computers, hard drives, headphones

These are just a few examples of what you can bring to campus, and when all added up, it can cost thousands of dollars. This doesn’t include your personal items such as clothes, bags, shoes, and other things you have collected over the years that are important to you. With such a wide range of prices on these items, leaving them unprotected should something unexpected happen isn’t worth the risk.

GradGuard: The Smart Choice

Colleges, universities, and off-campus property management companies don’t replace stolen bicycles or backpacks, but GradGuard College Renters Insurance can. Our coverage provides unique student-focused coverage through an exclusive student endorsement. That means you’ll have access to features that you can’t find in a standard homeowners insurance policy or other companies.

Here are a few examples of GradGuard’s student-focused features:

  • Low Deductible – Our standard deductible offer is only $100 when you file a claim, no matter the item.
  • No Credit Scoring – We took into account that you may not have a great credit score or even one at all as a student. No matter your credit history, everyone on-campus receives the same price.
  • Worldwide Property Coverage – Your belongings, including rented property, can be protected from covered perils anywhere in the world! If you are traveling home from school or studying abroad, GradGuard has got you covered.
  • Personal Liability Coverage – If you are hurt or unintentionally damage your place of residence, we may be able to help.

GradGuard College Renters Insurance was made with students in mind, unlike other renters insurance providers. If you file a claim, your rates won’t go up, and there are no sneaky sub-limits on electronics coverage. Our coverage protects physical items you bring to college (up to the policy limits) from things like theft, fire, smoke, vandalism, wind, sprinkler system discharges, and more.

You can also view a sample policy to learn about some more of the specifics of our coverage.

Other Considerations

Homeowners Insurance

If you are not the first person in your family to head off to college, you and your parents may think that you have everything under control. Your parents’ first instinct may often be to look into their current homeowner’s insurance. This is important to look at, but the coverage it can offer you as a student away at school may not be enough. Most of the time, a homeowner’s insurance policy will only extend to cover some of your possessions and may have a really high deductible.

A big downside of using this coverage is that making a claim on the homeowner’s policy may raise premiums. Homeowners’ policies often have limits, exclusions, and certain conditions that you can’t rely on to automatically cover you and your belongings while you’re at school. You may be better off just replacing that couple thousand dollar laptop out of pocket. Or even better, opting for GradGuard!

Landlord Protection

Many parents believe the landlord will cover damages when it comes to liability. More often than not, a landlord’s insurance only applies to the building itself, not the resident’s possessions within. Double-check with the landlord and ask what their insurance policy would cover should a theft or other disasters occur. Having your own insurance policy is a great way to ensure that the things you bring along with you to school are protected.

Another common myth is that renters insurance is too expensive and unnecessary. Even though it is an added expense, the benefits outweigh the costs should any disaster occur and your belongings suffer damages that could put you out thousands of dollars to replace on your own. Renters insurance is a great way to prevent significant financial loss and encourage students to start thinking responsibly about their belonging and move towards adulthood.