Does my college student need renters insurance??

Now that people know I am a licensed insurance agent, I am getting those pesky questions that are hard to answer right on the fly. I had one over the weekend from a friend who asked me like Alex Trebek does on Jeopardy!

Does a college student need renters insurance? ?

Umm — I stammer — first answer well “yes” — but wait a minute — what about the homeowners policy?

CONFUSION??

The discussion kinda went like this:

me “umm yes I would think so” — 
friend “no my insurance guy said its covered on the homeowner’s policy”
me — “ya that’s right to a degree”
friend: “well that’s what they told me”

UGH — I went back to my adult beverage and fortunately the conversation shifted — but the next day I needed to know — do they need renters insurance?

Let’s face it — College Tuition is so expensive, it is literally Jesse James without a gun! Parents like me have sticker shock at what it actually cost to send anyone to college. It’s really no surprise all college kid parents are on a tight budget!

Can students or parents really afford renters insurance on top of all the expenses that come with going to school? Perhaps the better question is, can they afford not to? Considering the theft rates that plague college campuses, perhaps not. Whether you live on or off campus, there are several factors to consider:

If you’re not covered under your parent’s homeowner’s insurance.

Check with your parents to see if you’re covered under their homeowner’s policy. Typically, homeowner’s policies will cover full-time students who live in the dorms. KEY component — my friends daughter actually lives off campus — so no longer living in a dorm — therefore may not be covered under the homeowners policy.

However if they do live in a dorm — do you really want your homeowners policy responsible?

Most homeowner’s have high deductibles that you as the parent may not want to file a claim against and risk raising the rates. Homeowner’s policies may not cover liability, so make sure to evaluate whether you need that coverage or not.

If you live off campus.

As I stated above, most homeowner’s policies only cover full-time students who live in the dorms. Your landlord’s policy does not apply to you, so you may want to consider getting your own renters policy.

If you’ve got a lot of stuff you probably can’t afford to replace.

If you’re a student, you’ve got a lot of stuff. A laptop, a cellphone, X-box or playstation with a ton of games, a TV, your bike, clothes… That really adds up and it’s worth a whole lot of money to replace. Most renters policies will allow you to choose the amount you’d like to insure so you can replace everything with no cost to you. Renters policies typically have low deductibles and are very inexpensive.

If you’re clumsy/newly independent.

So you forgot about that quesadilla you were cooking and ended up burning the wall in the dorm. Or you couldn’t resist hanging a million posters in your room… with nails. Or you were throwing a football around and you hit the sprinklers and flooded the place. There are a million easy ways to cause damage to your living space, on campus and off, that you could be held responsible for the damage. Renters insurance can help cover any costs you may encounter living on your own for the first time.

Finally — -

If you like to throw parties, or hate doing chores.

Sure parties are fun, but what if someone gets hurt? Or if you put off shoveling the driveway after a storm, or cleaning up a spill, and someone slips and falls while visiting? You could be liable. Renters policies often cover that liability.

So there you have it — a more complete answer to the question — Does a college student need renters insurance?

If you have a college student and they do not have renters insurance consider calling your agent today or call Herrholtz Insurance Agency at 440–527–0304 we will make sure your covered!