Do college students need renters insurance?
By Cherri Plummer
Sending your kids off to college for the first time is stressful enough without the hassle and distress of the potential theft or loss of items such as laptops, musical instruments, and bicycles, for example. If your son or daughter loses his or her valuable items what coverage do you have – or more importantly - what coverage should you have? Do they need renters insurance or are these items covered under your homeowners' insurance?
Most homeowners policies extend some contents and liability coverage to family members away at college. However, the more likely losses that occur at college may be less value than many homeowners policy deductibles, potentially requiring you to self-insure such property. In addition, what might be covered in a college dorm might not be covered in an off-campus rental.
If items are not covered by your homeowners' insurance you will need to consider renters insurance – weighing the costs against the benefits.
Most basic renters policies are fairly inexpensive – you could be talking about as little as $15 whereas the value of a laptop, tablet or musical instrument will be much higher.
I can help you navigate all the questions you have and provide you with options to ensure you have the information necessary to make the right decision.