Do College Student’s Need Renter’s Insurance? (What you should know for back to school)
Packing up your child’s belongings and sending them off to college is bittersweet. While you are usually excited to see them go, you are nervous about sending them off to navigate the world themselves! Part of that should be wondering how your insurance needs changes when a child moves away from home.
We get a lot of questions about if children need renters insurance when heading off to college. While the short answer is technically no, there may be some other factors to consider.
Students, if still a dependent, are covered under the parent’s homeowner’s policy. You should check with your insurance provider to make sure of this, because certain details such as distance may change things.
We recommend you still get renters insurance for your student, for a few reasons.
1. Renters insurance is a bargain for the protections you gain with basic coverage.
We understand that college students don’t have a lot of extra money lying around. However, renter’s insurance is affordable even for a full time student, and you still get great coverage.
It protects your personal property from such things as natural disasters, loss, or theft. A common exclusion of this, however, is flooding which requires flood insurance.
It also protects against a claim or lawsuit in case someone is hurt or you get hurt inside the rental.
2. A separate policy protects your homeowner’s insurance premiums
In the chance that a claim does occur, your premiums may rise because of it. If their insurance is in their name, you won’t be affected.
3. Offers additional living expenses
It offers additional living expenses in the worst case scenario. If the building you are living in burns down, it can help pay for temporary housing and meals if you cannot live in your rental due to damages.
You may be surprised to find out how affordable renter’s insurance really can be. If you or your child is in college, you should consider a policy that will protect your belongings!
If you are looking for someone to shop around and find the right prices and coverage for you, Chastain Otis’s independent insurance agents can help.