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Ah, college. The pizza boxes and futons. The empty cans and lawn chairs in the living room. You might not think so, but even broke college kids need renter’s insurance.
If you are a college student, or you are the parent of one, you might not understand the importance of having renter’s insurance. Whether you live in a dorm, an off-campus apartment or house, college students need renter’s insurance.
And for parents: Your college student’s housing likely is not covered by your homeowner’s insurance policy. So, if there is theft, a fire or some other disaster, your college student’s personal property isn’t covered.
Sometimes, for college students living in university housing like a dorm, a parent’s homeowner’s policy MIGHT provide coverage. But you will definitely need to check with your insurance agent, because every policy is different and sometimes, it is as simply as the age of the college student or the type of housing.
And some policies have limits to what is covered, meaning in the case of something like a fire, you might only have a small portion of belongings covered – which can be a financial hardship for students AND parents.
It is also best to know that what you bring to college (like jewelry, expensive electronics, musical instruments or more) might need separate policies because of these coverage limits. So, either leave the valuables at home or make sure you are covered!
Students living off campus definitely need renter’s insurance policies. Your parent’s insurance won’t cover the items you have in your off-campus apartment (although you might be able to get a separate policy under your parents’ insurance). You’ll need to make sure that policy covers the type of things that might cause you to need to replace valuables, like fire or theft.
A good renter’s insurance policy also will include liability coverage, which means if you are responsible for someone else being injured or their property being damaged, you will be covered. This means your landlord’s property too, i.e. your apartment!
A good insurance agent can help you decide what policy is best so your valuables and property are protected and you can focus on hitting the books!
Crumrine Financial Services
At Crumrine Financial Services, we want to protect you and your college aged children. If you are considering renter’s insurance, contact us today so we can help you make the best decision for your family.