Does Your College Student Need a Renters Policy?
As students navigate the obstacle maze of college admissions and attendance, discovering whether or not they need renters coverage often times never crosses their mind. Their focus is on course scheduling, meal plans, roommate selection, financial aid, book purchasing, and decorations. It’s worth noting that whether a student is residing in a dormitory, campus apartment, or an off-campus rental house, their parent’s homeowners policy will most likely provide personal liability coverage, as well as, protection for their personal belongings, while at school. Regardless, many apartments complexes require that students purchase a separate renters policy and provide proof of coverage to the apartment manager. On the other hand, a fair number of colleges don’t require proof of renters coverage or any other type of liability insurance.
As you can see, there just isn’t a straight forward “yes” or “no” to this question. Answers vary and it simply depends on the school or apartment complex, but this is definitely an item that should find it’s way onto your “To Do” List. Check with the school’s Housing Department or the Apartment manager. In terms of cost, a typical Renter’s policy with $300,000 in liability protection and $10,000 of coverage for personal belongings can run anywhere between $100 - $200 a year. As always, if you have questions, please feel free to call, email, or stop by our office.