Does Your College Student Need Renter’s Insurance?
It’s officially fall, and all of the signs of the season are beginning to show. The leaves will begin to turn soon, Halloween candy will start appearing in shops, and pumpkin spice-flavored beverages will flow freely at every coffee shop in America. If you’re a college student, you’ve probably already endured your first round of big exams, but what would happen if all of the technology that helped you study for that big test was suddenly lost in a disaster? Are you covered?
More and more technology is used by the youth of America, and when many leave for college for the first time, they either bring or buy the latest tech to help them in their studies and social life. These expensive devices can be extremely useful, but they’re also easy to lose or ruin. Renter’s insurance can help you stay protected should the worst happen, and with how inexpensive plans are becoming, you would be wise not to skip out on this essential coverage.
Cheap renter’s insurance could be the different between having to buy a new $800 laptop and having it completely replaced with no out-of-pocket expense; college students and parents alike are advised by both colleges and insurance experts to take a look at some renter’s insurance quotes.
Approximately 80% of adults under age 25 live on their own, and two-thirds of adults between 25 and 29 rent their homes, but oddly enough, only 12 percent of 18 to 29-year-olds currently have some form of renter’s insurance.
Both Kutztown University and Alvernia University, among many other colleges across America, recommend considering buying a policy to cover the loss or damage of property like computers and other expensive electronics.
A policy like this can probably be obtained from your auto insurance provider, and if not, a quick search of the surrounding area should prove helpful. These policies are usually extremely inexpensive, under $200 a year or $17 a month, but the coverage needed depends largely on the student’s situation – often times, it’s even lower than expected.
Many students rest assured knowing that they’re covered on their parents’ home insurance policy. While full-time students under 24 are often covered, the coverage only amounts to 10% of the parent’s total limit, meaning that if your parents have $200,000 coverage, only $20,000 of that would be available to you. The deductible may even be higher than the cost of a simple replacement, making the policy ultimately useless in some situations.
Renter’s insurance may be a less expensive option, and it can have perks. Some colleges even provide policies upon request, and if they don’t, it’s possible that they’re partnered with a local insurance provider and can offer a competitive rate.
Kim Unger, vice president and managing partner of Ira G. Mohler & Son Inc., was able to get a policy for his son that cost only $50 a year – little more than $4 a month. It had no deductible and will even cover liability, so even if the student in question is to blame for the accidental loss or damage of property, it can still be replaced.
Are you a college student considering renter’s insurance or the parent of a college student? Feel free to let us know what you think about these policies and share you experiences in the comments below.