Why Taking Out Renters Insurance Is Important For College Students

April 11, 2023

Going to college can be exciting and overwhelming, especially if you haven’t decided whether you should move to the dormitory or rent a place. And while that is a big decision to make, students also have to take out the most cost-effective and suitable insurance policy. Without it, they might not manage to maintain the safety of their goods.

It is no secret that coverage options differ depending on location and college. Despite that, looking for cheap renters insurance for students seems to be a priority. But before making a choice, it is crucial to evaluate all the dangers and understand individual demands.

Why Risk Assessment Matters

With all the fuss about going off to college, aspiring students often neglect to consider all the related threats like broken personal belongings or taken valuables. That is why it is helpful to learn about the on-campus crime rates among colleges state-by-state beforehand.

Compared to the number of incidents registered in 2017, it becomes clear that the crime rate has declined significantly over the years. Even so, keeping yourself and your possessions safe remains a fundamental issue for students. And having a limited number of insurance options makes the task more complicated.

How To Safeguard Your Items If You Are a Student

Understanding your options can come in handy if you want to choose the right college student insurance. Apart from taking out tenant policy, there are also alternative options to consider.

  1. Free-of-charge coverage that students can benefit from if their family has an active homeowners policy. It can extend to the child moving out of the family house, making this option the most reasonably priced and efficient.
  2. Dorm insurance or personal renters insurance can help your folks save a lot of money. Naturally, there are downsides to both options. As an example, neither of these policies includes liabilities. That is a substantial reason to ask about adding it before purchasing any of the policies.
  3. Insurance package offerings are pretty popular among students. Its monthly cost is around $15, and it generally includes liability and extra living costs. This option might be helpful if you face flooding and have to look for short-term housing.
  4. Offers from particular insurance providers partnering with an educational institution, like GradGuard, remain popular among college students. GradGuard renters significantly benefit from the policies that cover gadgets, books, bicycles, and even clothes.

Basic Facts About Renters Insurance

It is a must-have if you are a high-school graduate moving from your parents’ home to rent a place or reside on campus.

But keep in mind that only a limited number of claims will be available to you in this case. It means that your parents cannot completely protect all your items by extending their homeowners insurance.

Purchasing dedicated renters insurance can be more helpful since it covers all the qualitative events and listed items. In a nutshell, you will be reimbursed in case damage or a loss takes place.

With dorm insurance, in comparison, you won’t have to worry about large deductibles but will have to take care of adding medical or liability coverage. For that reason, students choose to take out renters insurance more often. After all, it is a more inclusive and thorough option to consider.

Why Taking Out Renters Insurance Is Important For College Students

Infographics source: www.apartmentsnearme.biz

Questions To Ask Before Taking Out a Rent or Dorm Insurance

Before taking out any type of insurance designed for recent high-school graduates and students, you need to understand the basics of handpicking the most appropriate option for you. This list of questions can help you assess every available policy.

  • Are there any hazards or risks conventionally covered by the policy? Should I name the risks or items to ensure their safety?
  • Should I be aware of any standard requirements for claim settlement? What kind of reimbursement should I expect from the provider?
  • Is any proof or inventory list required to get a settlement?
  • How much will I have to pay in deductibles?
  • Can I get an add-on to my policy? What can be included?
  • Should I expect the extra living costs to be covered? If I should, what are the terms?
Victoria Berezhetska

Victoria Berezhetska is a Content Lead at Phonexa.com and an expert contributor to CoverExplore. She has a Bachelor of Science degree in Business Administration, with extensive working experience as a PR specialist and content writer. At CoverExplore, she helps customers find the right educational material through easily digestible blog posts and buying guides backing their insurance coverage choice. Victoria covers diverse topics around digital and insurance marketing, including auto, home, health, and life insurance.

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