Renters insurance: A guide for college students

Key takeaways

• Most universities agree that it's crucial for students to have renters insurance to protect their personal belongings against risks such as theft, fire, and vandalism.
• If something happens and you can't stay in your dorm or apartment because of a fire or water damage, renters insurance can help cover temporary living costs, like a hotel.
• Renters insurance while you're in college can cost as little as $5 a month, so it can be super affordable for students.

Why do college students need renters insurance?

Did you know that 28% of all on-campus crimes are related to theft and burglary? In fact, according to the FBI, a property crime occurs on a college campus every 10 minutes, with more than 50,000 incidents reported every year.

As a student living in a dorm or shared apartment, your stuff is at risk for things like theft or damage. If your laptop gets stolen, your textbooks get ruined by water leaks, or a fire messes up your clothes, renters insurance can help cover the cost of replacing your stuff.

In fact, many colleges, like Oklahoma State University, stress that renters insurance is just as important as textbooks, especially for students bringing valuable electronics, gaming consoles, furniture, instruments, and clothing to school.

A standard renters insurance policy typically includes coverage for

• Personal property. If your stuff gets stolen or damaged—like your furniture, bike, or electronics—renters insurance has your back. It covers losses from things like fire, water damage, and vandalism, so you can replace what you need without breaking the bank.
• Liability. This coverage kicks in if you accidentally hurt someone or damage their stuff. It also protects you if you cause any damage to your landlord's property while living in your off-campus apartment.
• Additional living expenses. If your dorm or apartment becomes unlivable because of something like a fire or flood, renters insurance can help pay for temporary housing, so you don't have to crash on your friend's couch.

What does renters insurance cost?

A renters insurance policy is typically very affordable. However, just how much a policy will cost depends on where you go to college, the amount of coverage you need, and the deductible you want. At Liberty Mutual, renters insurance starts at just $5 a month.¹

How do I choose the right renters insurance policy for college living?

Getting an affordable renters insurance policy while away at college involves a few simple steps.

• Create an inventory of your personal belongings by listing the items you need covered along with their estimated value. Be sure to include electronics, musical instruments, athletic equipment, clothing, jewelry, furniture, and school supplies such as books.
  

  Understanding the difference between actual cash value and replacement cost coverage is essential, as it ensures you receive the proper reimbursement if you need to replace your stuff.

• Compare quotes from at least three insurance companies. While renters insurance is generally very affordable, cost can vary based on the company. So, take a few extra minutes to compare quotes from a few different companies. You should be able to do this quickly from your phone.


• Ask questions. You're on your way to becoming an adult, so it's good to ask a lot of questions to make sure you know what your're buying, like
  • What's covered under a standard policy?
  • What does renters insurance specifically not cover?
  • What deductible options are available?
  • Are there any discounts for college students?
  • Does renters insurance cover stuff in my car or while moving? (hint: it usually does!)
  • Does your school partner with insurance companies in regards renters insurance coverage and college students?

Common misconceptions about renters insurance

Don't let misconceptions surrounding the need for renters insurance as a college student living in off-campus housing or a dorm keep you from getting it. Common myths include

• Renters insurance is too expensive. In reality, the cost of coverage is very affordable. It may be less than the price of avocado and toast.
• I don't own anything of value. Once you take inventory your personal belongings, you may be surprised at just how much you actually have. Would you be able to afford to replace your items if they were lost, stolen, or damaged?
• I'm covered under my parent's homeowners insurance policy. If you're a college student living off-campus, your parents' homeowners insurance usually won't cover your belongings, so you'll need to get your own renters insurance. On the other hand, if you're in a dorm, their policy may provide some coverage, but it might not be enough.

Getting your own renters insurance not only keeps your belongings safe, but it also shows you're taking charge of your finances and can help you build a strong insurance history as you step into independence.

Tips on filing a renters insurance claim

• Keep track of your stuff. If you have a loss and must file a claim, it's important to have a detailed inventory of your personal belongings so your insurance company can accurately reimburse you. Be sure to take pictures and frequently update your list.
• Unsure about your coverage? If you're not sure whether you have a claim or what your renters insurance covers, don't hesitate to reach out to your agent or insurance company for clarity.
• Gather info before you call. When you need to report a loss, try to gather as much information as possible before contacting your insurance agent. Jot down what happened, the type of loss, and where it occurred so you'll have all the details ready when you reach out.

Frequently asked questions about renters insurance for college students

• Do I need renters insurance if I live in a dorm? Renters insurance may not be required if the coverage on your parent's homeowner's insurance extends to you living in a college dorm—which some do. However, coverage can be limited, meaning that it may not be enough to fully protect you while away at school.
• Do all my roommates need their own renters insurance policy? If you live in off-campus housing and have roommates, each person should have their own individual renters insurance policy. Remember, renters insurance is all about covering your stuff, not your roommates'. So, if there's a fire, theft, or water damage, each person needs to have their own coverage to make sure their belongings are safe.
• What should I do if my policy doesn't cover something I expected it to? First, check the details of your policy, paying attention to any exclusions or limits. Then, reach out to your insurance company to be clear about what's included. If your policy isn't cutting it, look into adding extra coverage with policy riders or endorsements, or think about increasing your coverage limits for an additional fee. Taking these steps now will help make sure you're protected when it's time to file a claim!

Get customized renters insurance at Liberty Mutual for as low as $5 a month.