Cheap Renters Insurance for Your College Student

Over 13 million students go off to college in the Fall, along with their assortment of electronic gizmos and gadgets, not to mention all the clothes and other necessities they can’t leave home without. According to the Insurance Journal, each college student will take between $5,000 to $10,000 worth of personal property to colleges across the country. As parents, you can help protect your college-bound child's assets by getting a cheap renters insurance policy for them.

What is Cheap Renters Insurance?

Cheap renters insurance is ideal for students who are living off-campus in apartments or houses, and are no longer covered under their parent's homeowners insurance policy. Cheap renters insurance is an easy way to protect your child's assets and most cheap renters insurance policies cost between $15 and $30 a month (National Association of Insurance Commissioners, NAIC). Chances are you did a home inventory when you purchased your homeowners insurance policy. Your college-bound student should do the same and take an inventory of all the possessions they are taking with them, making sure to note the purchase price, model numbers and serial numbers.

Why Your Student Needs Cheap Renters Insurance

Most students who reside off-campus live in apartments. According to the National Crime Prevention Council (NCPC), apartments are 85% more likely to be victimized by a burglary than any other form of housing. Many renters mistakenly believe that their personal belongings are covered under the landlord's homeowners insurance policy. However, most landlords' policies only cover the exterior and infrastructure of the building. In most cases, tenants are responsible for all belongings within the rented property. Purchasing a cheap renters insurance policy means your student’s personal belongings will be covered.

Two Types of Cheap Renters Insurance

There are two types of cheap renters insurance coverage you can buy—actual cash value or replacement cost. An actual cash value policy will reimburse you the value of any items broken or stolen, taking into consideration the depreciation of each item. A replacement cost policy would reimburse you for the current market price for all stolen, damaged or destroyed items.

What if a Roommate Has Renters Insurance?

If your student will be living with someone who already has a cheap renters insurance policy, then their belongings will be covered, but that doesn't mean your student’s will. Each roommate must have their own cheap renters insurance policy in order to protect their own personal property.

Sending your child off to college is a life-changing event. For most students, this will be their first time living away from home. While this rite of passage is a pivotal step in your child's life, it can be a worrisome time for most parents. Protecting your child's property with a cheap renters insurance policy is an great way to alleviate some of your concern, and give you some added peace of mind.