Renters insurance is worth a look for students

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Contrary to the belief of some tenants, the policies held by their landlords on the property where they live do not protect the personal property of the tenant. (Credit: Monkey Business/Adobe Stock)

Parents and students won’t run out of money spent as students return to campus, but according to the Deloitte Back to College Survey 2022, technology tops the list of back-to-school expenses. They predict that technology purchases will increase by 22% in 2022, compared to the previous year.

In addition to technology, spending on household products and supplies for these students is expected to increase by 12% from 2021. With so much money invested in a property that will likely be stored in a dorm or other rental, it is important to ensure that it is protected against a number of possible accidents – from theft, to bad weather, to general college shenanigans.

“It’s important to add a quick insurance check with your insurance agent or insurance company to your back-to-school to-do list,” said Karen Collins, assistant vice president of the American Property Casualty Insurance Association (APCIA) for personal lines policy. A liberation. “Parents and college-bound students frequently purchase electronics, bicycles, scooters, and other furniture for dorms and apartments as they prepare to return to college. A tenants policy can be an inexpensive way to provide parents and students with peace of mind that personal property is covered and will be replaced in the event of an incident, such as fire or theft. Renters insurance can be easily combined with auto insurance, making both more affordable. »

Contrary to the belief of some tenants, the policies held by their landlords on the property where they live do not protect the personal property of the tenant.

“The homeowner’s policy generally covers structural damage to the home or apartment, not personal effects left inside,” Collins explained in the statement. “Tenants insurance offers important protection, such as Additional Living Expenses (ALE) cover, which can help cover expenses should the apartment become uninhabitable due to a covered loss such as fire. Liability insurance provides protection if a guest is injured while visiting your apartment. It’s always a good idea to review your policy to understand what is covered and what isn’t.

According to Consumer Reports, there are a few things to consider when deciding how best to cover your students’ belongings when they return to class:

  • Your home insurance policy will sometimes cover your children when they live in on-campus residence, but this limit is often only a percentage (up to 10%, usually) of the policy coverage, which may leave the student underinsured in the event of a disaster. .
  • Renters insurance policies typically range from $15 to $30 per month, depending on the state and the amount of coverage needed, and are a necessity if your student lives off campus.
  • Some carriers offer dorm insurance policies, which have very low deductibles (as low as $25, compared to $500+ with homeowner policies), and provide an alternative for those with a student on campus who don’t want not risk adding a claim to their home insurance policy.
  • Float policies or tenant or landlord endorsements may be necessary if there are high value items that need to be covered.

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