Do college students need Renters Insurance? Oh Yeah!!!!
If you are heading to college as a freshman or returning after the summer break, along with all your clothes, laptops, books, iPhone, and Ipad, bring along a renters insurance policy.
Most students are perpetually broke and work part-time to fund their party fund or girlfriend fund; besides that, there is not much left as savings. So, if your Ipad or laptop is stolen, it is very difficult to replace. Financial protection for your property is the strongest reason to consider a renters policy. It might not look a lot on the face of it. Still, all the electronics, school supplies, hobby equipment, jewelry, etc. can quickly add up to thousands of dollars. An amount that is hard to replace for a college student in case of theft, fire, or other calamities.
For renters insurance on-campus and off-campus matters. Suppose you live in a dorm or an apartment provided by the college. Legally, you are residing in your parent's home(seriously), so you would be covered under their homeowners or renters policy, but do confirm that with the insurance company.
Homeowners policy has higher payouts, with a higher deductible, so if your $600 laptop or tablet is stolen, you are out of luck because the deductible is usually $1000, and you won't be reimbursed. Therefore, you are still recommended to look into a renters policy for yourself because they might not cover you for hundreds of thousands of dollars. Still, they cover you for thousands and have a deductible of $100-$200, so your electronic items would be covered
If you are a popular person on campus and throw some awesome parties, you better have renters insurance. Liability is not a word that you might be familiar with. Suppose someone gets hurt during your parties and needs medical attention or sues you. In that case, you will need liability protection, which your renter insurance would provide. Suppose you live in a fraternity or a sorority. In that case, you live off-campus, and you would not be covered under your parent's homeowners policy and would need a separate policy
If you are looking for some personal property coverage only. In that case, you can get what is popularly known as "Dorm insurance." It covers all your belongings like renters insurance. Still, it does not cover liability and additional living expenses ( in case you have to live somewhere if your housing has suffered damage). All your stuff is protected under personal property coverage ( laptops, tablets, phones, clothes, jewelry, etc.). It is protected even if you are in Costa Rica during your spring break and stuff is stolen.
Please make sure to understand your policy completely before buying to understand what is covered and what kind of catastrophes are covered and not covered.
Renters' insurance costs are pretty low, avg. Cost is $16 a month or 2 pitchers of beer. Contact us for the best rate since rates between companies vary a lot; that is why we work with several companies and get you the best rate and coverage possible. Visit us at compareAquote.com or call, and we will help you.