With all the possessions the average student takes to college — from computers and other electronics to all the daily necessities — it’s worth looking into possession protection options, such as renters insurance.
Renters insurance covers a student’s personal belongings in the event of a fire, theft, or similar occurrence. However, before you explore renters insurance options for college housing, ask your home insurance provider if your home insurance plan extends coverage to include student possessions. Many home insurance policies extend coverage to a policyholder’s student if the student is living on campus — meaning an additional renters insurance policy might not be necessary.
Know your level of possessions protection
If your home insurance does extend coverage to student belongings, make certain the terms of your plan cover your student’s needs. Some policies limit protection of personal possessions to just a fraction of the total amount of a policy’s coverage — so it’s important to know if, and to what extent, your home insurance covers student possessions. Also be sure to compare the deductibles. The deductible under a student renters policy is typically much lower than the deductible under a home owners’ policy.
Where renters insurance can help
If your home insurance policy does not extend any coverage to your student’s belongings, a separate, comprehensive renters insurance policy might be the answer. Alternatively, if your home insurance policy offers minimal or partial protection, renters insurance could fill in the gaps with supplemental coverage. Remember to ask yourself the following when considering possessions protection options:
- Does my home insurance policy offer coverage for student possessions? If coverage is offered, is it comprehensive or partial? What deductible would apply if my student has to file a claim?
- What types of belongings do I want to protect, and which protection option best meets this need?
- Will my home insurance policy cover possessions if my student lives off campus?
Personal liability protection
When making arrangements for renter’s insurance, you might also want to consider the benefits of personal liability coverage – protection in the event of one student causing damage to another student’s property. Often times, personal liability protection is paired alongside renter’s insurance to form one policy — so it’s always worth asking current or potential providers about available plans.
Don’t wait until it’s too late to consider student possessions protection and personal liability coverage. Inquire with your home insurance provider about potential, existing coverage for student possessions or personal liability, or consider the possibility of an inclusive renters and liability insurance plan.