Do College Students Need Renters Insurance?
It’s back to school season, but getting tenants insurance might be a bit low on your to-do list right now. It’s perfectly understandable if you’re preoccupied, especially if you’re in the middle of moving into a dorm, or trying to navigate sharing an apartment with several other people. Some landlords might leave the choice of whether to get renters insurance up to you, while others will insist you have a policy in place prior to letting you to sign a lease. Before you go labelling tenants insurance as “optional”, hear us out on a few reasons why getting renters insurance might be the smartest move you make all semester.
Living in Residence
If you’re going to be living in a dormitory, there are plenty of reasons why getting insurance is a wise choice. Having a renter’s policy in place could help cover you in case of stolen personal property, such as a laptop or phone. The right policy can also cover you from being held liable for accidental damage to others’ property, and even–yikes–damage to your school’s property. Perhaps most important of all, is the fact that without renters insurance you could be held liable if someone gets injured in your space. If you’re worried about adding another expense while you’re managing hefty tuition fees, there’s a possibility that your insurance provider will allow a rider to be added to your parent’s policy–that basically extends their coverage to your dorm room. Keep in mind that the most comprehensive option is probably still going to be a typical tenant insurance policy, but if you’re not sure, you can always ask.
Renting off campus is a mixed blessing. You’ll have the additional freedom to do what you want, when you want. You’ll also have a few extra responsibilities. For example, your in-suite laundry might be the envy of all your friends, but when the washer unexpectedly overflows into the downstairs apartment, you’ll be glad you got insurance. Similarly, your roommate might have a reputation for throwing the best parties around, but you probably don’t want to follow him around constantly just to make sure he’s not destroying any hope of ever getting your damage deposit back. Insurance can help when what started out as good fun gets taken just a little too far. If an accidental fire breaks out, and you’re forced to move temporarily, insurance will often cover the costs associated with temporary accommodations. If anyone should ever decide to launch a lawsuit over anything that’s happened (like an injury) in your apartment, having insurance will help with legal and settlement fees, which could be life-changing for everyone involved.
Ultimately, there are simply too many risks that come with not having renters insurance. Why not give yourself some added peace of mind?
We’re here to help you select affordable, comprehensive coverage. Build a Tenants Insurance policy with one of our team members today.