When you move into your first college dorm or apartment, you may bring along a laptop, bike, phone, clothes, textbooks, and maybe even furniture with you. But whether you need renters insurance for college depends on where you live, whether you’re already covered under a parent’s policy, and how much it would cost to replace your stuff.
Do college students need renters insurance?
If you’re living in an on-campus dorm or fraternity or sorority house, you may already have some coverage under a parent’s homeowners or renters insurance policy.
If you’re renting an apartment or house off campus, you’re more likely to need your own renters insurance policy. In fact, some landlords require it before you can move in.
Even when it’s optional, renters insurance can be worth it. Burglaries account for about 28% of reported on-campus crimes, according to the National Center for Education Statistics. If your laptop, phone, bike, clothes, and textbooks get stolen or damaged, replacing everything out of pocket would be pricey.
Read more: What is renters insurance? A complete guide.
Are college students covered under their parents’ policy?
College students can be covered under a parent’s policy in certain situations.
Many homeowners and renters insurance policies include off-premises personal property coverage, which applies to any personal items you keep away from home. “Away from home” also includes items a dependent keeps at a dormitory.
The amount of off-premises coverage your policy includes is often quite limited, though. For instance, it’s normal for policies to include 10% off-premises coverage, which means a college student would receive up to 10% of their parents’ personal property coverage. So if the parents’ policy includes $75,000 of personal property coverage, the student may have up to $7,500 in coverage for belongings kept at school.
If you’ve signed a lease for an off-campus apartment or house, you’re more likely to need your own renters insurance policy. Coverage under a parent’s policy often doesn’t extend to students who have established their own residence, and some landlords require renters insurance before moving in.
The best way to find out whether you or your student will be covered while in college is to call your insurance company and ask. Check if you’re covered while away at school, how much off-premises coverage you have, and whether that coverage still applies if you live off campus.
Read more: What does homeowners insurance cover?
What does renters insurance cover for college students?
Most renters insurance policies include three main types of coverage.
Your belongings
The primary thing home or renters insurance could cover for a college student is their belongings. If any of these belongings are stolen or damaged by a covered event, the policy could help pay to repair or replace them. For most policies, “covered events” include fire, lightning damage, storm damage, theft, vandalism, or certain types of water damage.
That can include belongings like your:
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Laptop
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Phone or tablet
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Clothes and shoes
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Furniture
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Textbooks
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The bike you use to get to and from classes
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Your TV or gaming console
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Small appliances, like a mini-fridge or cooktop
Some expensive items like jewelry, musical instruments, or high-end cameras may have separate coverage limits. If you’re taking anything particularly valuable with you to college, check ahead of time how much you’d get reimbursed if it’s damaged. In some cases, you may need to schedule extra property coverage.
Personal liability
Renters insurance also includes liability coverage. This can help if you’re legally responsible for someone else’s injury or property damage. For instance, if your neighbor burns their hand on your hot plate or slips on your bathroom floor and hurts their arm, liability coverage may help pay for legal costs or damages, up to your policy limits.
Additional living expenses
If your dorm or apartment becomes temporarily unlivable after a covered event, renters insurance may help pay for extra costs for you to stay somewhere else. That could include a hotel, meals, or other temporary living expenses, depending on the specifics of your additional living expenses coverage.
Read more: What does renters insurance cover?
What doesn’t renters insurance cover for college students?
In general, renters insurance won’t cover:
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The building itself: Your landlord’s insurance covers the dorm or apartment building. Your renters insurance covers only your belongings.
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Normal wear and tear: Home and renters insurance covers sudden, unexpected damage, like fire or theft, not items that wear out over time, like an old laptop.
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Floods and earthquakes: These events usually require separate insurance.
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Your car: If your car gets damaged while at college, auto insurance could help with that.
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Intentional damage: If you cause damage on purpose, it generally won’t be covered.
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Your roommate’s belongings: Unless you’re on the same policy, your renters insurance only covers your own property.
How much does renters insurance cost for college students?
According to the National Association of Insurance Commissioners, renters insurance costs between $15 and $30 per month. While this can be quite affordable for many college students, your actual cost will depend on where you live, how much coverage you buy, your deductible, and the insurance company you choose.
You may be able to lower your premium by:
Read more: How much is renters insurance?
How much renters insurance coverage do college students need?
A good rule of thumb for college students is to buy enough renters insurance coverage to replace everything you own if it were stolen or destroyed.
Many students underestimate how much their belongings are worth. Think about everything in your dorm or apartment, including your:
It can be helpful to create some type of inventory list as you estimate what things are worth. You could be surprised by how much it all costs, even if you feel like you’re not taking that much to college.
For example, a $1,200 laptop, $800 phone, $2,000 worth of furniture, $1,500 in clothing, $700 bike, and $500 in textbooks already total $6,700.
If you rent an off-campus apartment, don’t overlook liability coverage, either. Your landlord may require a minimum amount, but depending on your situation, you may decide you want more protection.
How to get renters insurance as a college student
You can usually shop for renters insurance online. Follow these steps to start.
1. Find out if you’re already covered
Before buying a policy, ask your parents whether their renters or homeowners insurance covers you while you’re away at school. If it does, ask how much off-premises coverage you have and whether it applies if you live off campus.
2. Estimate what you’d need to replace
Make an inventory list of all your belongings. Then, estimate what it would cost to replace them. Don’t forget items like your laptop, phone, bike, furniture, and clothing. This total will tell you about how much personal property coverage you need if you shop for your own renters insurance as a college student.
3. Compare a few quotes
Next, shop around with a few renters insurance companies to find out who provides the best coverage at the best price. But don’t just pay attention to the monthly premium. Compare deductibles, personal property limits, liability coverage, and any optional coverage for valuable items.
4. Think about your living situation
If you’re moving in with roommates, ask whether each roommate needs their own policy or whether you can share one. Depending on the insurance company you choose (and your relationship to your roommates), a shared policy could be an option.
5. Review your coverage as life changes
Remember, renters insurance is largely tied to where you live and the estimated value of your belongings. So if you gradually own more stuff over time or make changes to your living situation, review your policy to make sure it still fits your needs.
Learn more: 7 best renters insurance companies this year
Renters insurance for college students FAQs
Do college students living in dorms need renters insurance?
Students living in dorms may already have some coverage under a parent’s homeowners or renters insurance policy. Before buying your own policy, check whether you’re covered, how much off-premises coverage you have, and whether that coverage is enough to replace your belongings.
Do college students living off campus need renters insurance?
In many cases, yes. If you’ve signed a lease for an off-campus apartment or house, you may need your own renters insurance policy. Some landlords require it, and your parents’ insurance may no longer cover your belongings once you’ve established your own residence.
Does renters insurance cover a student’s laptop or electronics?
Renters insurance for college students can cover laptops and other electronics, but check your policy for coverage limits. Some high-value items, like a professional camera or jewelry, may have separate limits.
Does renters insurance cover college students studying abroad?
If your college student is still considered a dependent, then the off-premises part of your policy may cover their belongings while they’re abroad. Check with your specific insurance company before leaving if you’re unsure.