Up to 74% of college students today are not what we would call a “traditional” college student. Millions of new college students move into the country’s universities every year.
This makes college towns a gold mine for real estate investors. Campuses are always a source of demand for housing.
Almost 20 million college students go to school every year. Renter’s insurance should be at the top of their minds, and it usually is. Students should feel safe knowing that their things are safe Students can get enough renter’s insurance to cover all of their things for a very low monthly fee.
Since there are so many insurance companies, it may be hard for college students to find the best renter’s insurance.
You may be wondering- Would you need insurance? Who is the best renter’s insurance for college students? How much does it cost? We would answer these questions for you. Keep reading.
Table of Contents
- Why Is College Student Renters Insurance Important?
- How College Students Can Choose the Best Renters Insurance
- How Much Does College Student Renters Insurance Cost?
- What Does The Best Renters Insurance For College Students Cover?
- What does College Student Renters Insurance NOT cover?
- Do College Students Have To Pay For College Student Renters Insurance?
- Are the Best Renters Insurance for College Students Worth it?
- 15 Best Renters Insurance for College Students
- How to Get Paid for the Claims in the Top renter’s insurance for college students.
- Frequently Asked Questions
- Conclusion
- References
- Recommendations
Why Is College Student Renters Insurance Important?
#1. Damage to your property
College students should have renters insurance for many reasons. Think about the chance that a friend or acquaintance could get hurt on your property.
Do you think it’s unheard of for a friend to sue you for medical bills and compensation? It happens more often than you might think, especially if the person doesn’t have insurance to pay the bill.
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#2. No money to pay for theft
Many college students have trouble making ends meet and usually don’t have a big savings account. If their things are suddenly destroyed or stolen, they could lose things worth thousands of dollars. You might think you don’t have much or that the things you do have aren’t worth much.
But if you have to replace them all at once, you’ll see how fast the costs add up. Simple things like books, laptops, printers, and software for computers can quickly add up to thousands of dollars. This doesn’t even count your other things, like furniture, kitchenware, bedding, and food.
If you lost everything, you’d be out tens of thousands of dollars worth of things. If you have the best renters insurance for college students, you’ll only have to pay a deductible. The insurance company will pay for the rest.
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#3. Cost-effective
Unlike auto insurance or home insurance, renters insurance is not required by law if you have a mortgage. But renters insurance is a great idea and isn’t very expensive when you think about everything it covers.
You should have your own renter’s insurance plan if you live off campus. In some cases, a landlord might make a tenant get renter’s insurance.
#4. Break-ins at College: The Numbers
Even though colleges say they keep their students safe, the crime rate is still higher than we’d like to see.
In 2018, the National Center for Education Statistics (NCES) said that for every 10,000 full-time students, there were about 19.5 crimes reported on campus.
Even though the NCES says that the number of college crimes has gone down in recent years, college students still get into trouble.
Burglary is the most common crime that college students tell police about. More than a third of the crimes that got reported were break-ins.
This is just one reason college students might want to think about getting renters’ insurance.
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How College Students Can Choose the Best Renters Insurance
If this is your first time getting renter’s insurance, it can be hard to know what to look for. Here are some ideas that could help.
- Make a list of everything you own and how much it would cost to replace it all.
- Figure out what kind of coverage you need and want.
- Don’t buy the first policy you come across, no matter how cheap it seems.
- It’s not all the time that cheaper is better. It just costs less. Get quotes from several different insurance companies and compare quotes and coverage.
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How Much Does College Student Renters Insurance Cost?
College students usually pay about $15 per month or $180 per year for renter’s insurance. Many people don’t know that certain things can affect how much a renter’s insurance costs on average. Other things that can affect your rate:
- Location. If you live in a place with a lot of crime, your premiums will be higher.
- Type of residence. A small home will cost more for renter’s insurance than an apartment with more space. The reason is that there is less crime where people are living there.
- Credit scores. Some insurance companies will use your credit score to figure out how much you should pay for insurance. The better your credit, the less you have to pay for insurance.
- Coverage chosen: If you choose a higher deductible, your premiums will be lower.
- Dog. Certain breeds of dogs that bite or act aggressively may cause your premiums to go up. At times, it may even cause you to lose coverage.
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What Does The Best Renters Insurance For College Students Cover?
Personal things
Personal property coverage means that if something happens to your things, the insurance company will give you money. The money is to replace them at either their cost or their current value.
Personal liability
Personal liability insurance will protect you if someone gets hurt at your house and decides to sue you. The insurance company will pay the injured person’s legal fees and any settlement.
Medical payments
Personal liability coverage and coverage for medical payments go hand in hand. If someone gets hurt at your house and sues you, this insurance will pay for their medical bills.
What does College Student Renters Insurance NOT cover?
Having renters insurance is a good thing, but don’t think it covers you for everything. There are some things that no renters insurance policy, not even from the best renters insurance company, will cover. They are-
Floods
If you’re worried about the chance of flooding, you should go to FEMA’s website. There, you can find out more about the National Flood Insurance Program. Keep in mind that this policy will cover things like an overflowing bathtub.
Earthquakes
Earthquakes aren’t covered either. If you’re worried about earthquakes, you should look for a separate earthquake policy.
Dangerous Dogs
As with other renters insurance plans, some dog breeds are riskier than others. So liability coverage isn’t given to those breeds.
Acts Done on Purpose
No insurance company, no matter how big or small will pay for a loss caused on purpose.
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Do College Students Have To Pay For College Student Renters Insurance?
Sometimes. Some homeowners policies let you add renters insurance for a college student who lives in a dorm room and is under the age of 26. Some rules are more strict than others.
But since renters insurance is so cheap, it makes more sense for your college student to have their coverage.
Are the Best Renters Insurance for College Students Worth it?
Yes, 100%. Like we said, if something happens to your things, your renter’s insurance will help you replace them. And because online claims are easy to file, you won’t have to give up too much study time.
Some landlords will require it, so whether or not it’s worth it doesn’t help in those cases. But if you do need to use your renter’s insurance, it will be worth it.
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15 Best Renters Insurance for College Students
Renters insurance for college students can seem hard to choose. Mostly because they all seem to cover the same things and cost about the same. The top renter’s insurance for college students are-
#1. Lemonade
Lemonade has renters insurance that protects your belongings from damage, theft, and loss. It also gives us insurance in case someone gets hurt on our property. Lemonade is one of the top renter insurance for college students.
It won’t cover flood damage or liability from a dog bite if your dog is on the list of dogs that are more likely to bite. Lemonade will also cover your personal belongings if you take them with you when you leave home. Through the Lemonade app, it’s easy to file a claim.
Get a free price quote today from Lemonade.
#2. Allstate
Allstate has a renters insurance policy that covers the basics. It protects your belongings from loss or damage. Also, it covers liability, additional living costs, and medical costs for guests.
It also has extra coverage options like flood insurance and restoring your identity after identity theft. It also has specific coverage for some more expensive items. Allstate is one of the highly ranked college student renters insurance.
Get a free price quote today from Allstate.
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#3. Nationwide
Nationwide offers renters insurance that covers personal property, liability, medical payments, loss of use, and even credit card coverage for credit card theft. In case of loss, they pay what it would cost to replace the item, not how much it has lost in value.
They also cover damage caused by water and let you get separate policies for your valuables. Renter’s insurance from Nationwide can cost as little as $20 a month. Nationwide is one of the top renter’s insurance for college students.
Get a free price quote today from Nationwide.
#4. Progressive
Progressive offers different kinds of renters insurance and brags that its policies are very cheap. Their basic renter’s insurance covers-
- Personal property
- Loss of use
- Medical payments
- Liability insurance, and
- Optional coverages like water backup and personal injury.
Progressive says that their basic renter’s insurance costs between $10 and $23 per month. Theirs is one of the best renters insurance for college students.
Get a free price quote today from Progressive
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#5. State Farm
State Farm has an insurance plan for renters called a “dwelling policy”. It covers all the basics, like protection for the building itself. It also covers personal property, coverage for liability, and coverage for loss of rent.
They won’t pay for damage caused by water, animals, or earthquakes. Most of the time, their rental insurance policy lasts for two years. A State Farm policy that protects you for $35,000 costs about $15 per month. It is one of the top renter’s insurance for college students.
Get a free price quote today from State Farm
#6. ERIE Insurance
ERIE Insurance is one of the top renter’s insurance for college students that has a comprehensive base renters insurance policy. It also has several ways to save money, such as bundled policies, multiple policies, safety equipment, advanced quote, and age-based discounts.
Its basic policy, the ErieSecure Tenant, covers personal property worldwide. It also covers and protects against slander, discrimination, and cyberbullying. This is on top of the standard coverages for medical payments and living costs.
ERIE also sells optional extras like sewer and drain backup coverage and home-sharing coverage. Earthquake coverage and flood insurance are not left out either. On ERIE’s website, you can get a quote for renters insurance. But to buy a policy, you’ll have to work with an insurance agent in your area.
Get a free price quote today from ERIE Insurance
#7. Amica Mutual
Amica Mutual gets the best grade because. They have one of the top renter’s insurance for college students. Their renter’s insurance policy is one of the most affordable and they offer a lot of discounts.
Out of all the insurance companies, it has the lowest amount of complaints. It also handles claims live, 24 hours a day, 7 days a week and covers personal property, liability, and loss of use as part of its basic coverage.
This policy can pair with add-ons like more protection for smart devices and computers. There is also protection against identity theft and coverage for the cost of replacing personal property. They are one of the best college student renters’ insurance.
Get a free price quote today from Amica Mutual
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#8. Auto-Owners
Basic coverage from Auto-Owners is best for people who live or plan to live abroad. It covers property and liability anywhere in the world. Medical payments for others are also covered. This includes if get hurt in your home, as well as extra costs of living.
Policyholders can lower their premiums with Auto-Owners by:
- Combining renters insurance with auto insurance or life insurance can save you money.
- Getting on board with paperless billing
- Paying the full amount of the annual premium upfront
- Putting in safety devices like smoke detectors and fire extinguishers
- Having paid on time for 36 months in a row or a good loss history
Auto-Owners also sells add-ons to its standard renter’s insurance policy. It covers the loss of refrigerated goods or damage caused by water backup. They are one of the top renter’s insurance for college students.
Get a free price quote today from Auto Owners
#9. Farmers Insurance
Farmers Insurance is not in our top picks because the NAIC gets a lot of complaints about it. The J.D. Power Property Claims Satisfaction Study gave American Family PROS 890 out of 1,000 points.
This insurance offers protection from a loss of use. It is one of the best renters insurance for college students.
Get a free price quote today from Farmers Insurance
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#10. USAA
Like American Family Insurance, USAA is not in our top choices because it is hard to get. It also has a high number of complaints with the NAIC. It covers all those who live with you, including your roommates. Just make sure you include their name in the policy. It is one of the top renter’s insurance for college students.
Get a free price quote today from USAA
#11. Geico
Geico is one of the best renters insurance for college students. You get discounts for having fire alarms and home security systems. There is insurance for jewelry and 24/7 customer service via mobile app and online
However, its renter’s policy is only available through agents and isn’t underwritten.
Get a free price quote today from Geico
#12. Liberty Mutual
Liberty Mutual is one of the best renters insurance for college students. This insurance is available in all 50 states and the District of Columbia. It starts at $5 a month and has many discounts.
However, it has a high number of complaints to NAIC and only a small number of people can get its discounts and low rates.
Get a free price quote today from Liberty Mutual
#13. Hartford
When you bundle The Hartford PROS with auto insurance, you can save money. The ratings from customers are above average. Renters’ insurance is available through AARP’s direct program and independent agents.
However, some discounts are only for AARP members. The Hartford’s AARP Renter’s Insurance Program is available in all states except Florida. It is one of the top renter’s insurance for college students.
Get a free price quote today from Hartford
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#14. MetLife
MetLife Renters’ insurance is one of the least expensive types of insurance. So buying it might seem like a good deal. But don’t let a renter’s insurance policy make you feel too safe; you still need to do your research. MetLife has one of the best college student renters insurance.
Get a free price quote today from MetLife
#15. Travelers
Even though your landlord’s insurance probably covers the building you live in. It may be up to you to protect your clothes, electronics, and furniture. Also, renters may spend a lot of time and money making changes or improvements to their rental units.
With a Travellers renters policy, you can use up to 10% of your coverage for personal property. You can use it to fix or replace improvements you made or paid for. There are options for more coverage. Travelers run one of the best college students’ renters insurance.
Get a free price quote today from Travellers
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How to Get Paid for the Claims in the Top renter’s insurance for college students.
There are several ways to get paid for claims on personal property, such as:
Cash value
The value of your personal belongings goes down over time, or depreciates, from the moment you buy them. Actual cash value policies will pay you the current value of the item, less the amount it has lost in value over time.
Replacement value
The policy pays for the full cost of replacing the item, even if it has lost value over time.
Personal responsibility or paying for medical care for others
Your assets get protection by personal liability coverage if someone sues you for property damage or injuries that happened in your home.
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Frequently Asked Questions
College students usually pay about $15 per month or $180 per year for renters insurance. But keep in mind that the price can change based on your location and the condition of your unit. The amount of coverage you need, the things you want to cover, and the deductible you choose are also factors.
Yes, if you live off-campus, you can get renters insurance for your college dorm. But if you still live with your parents while going to college, you are usually covered by their homeowners or renters insurance.
Yes, you can get your son or daughter renters insurance. If they live by themselves, you can be their policy’s “Payor.” If they are in college and still live with you, your homeowner’s or renter’s insurance already covered them.
When away at school, a college student might need the following kinds of insurance:
Life Insurance
Health care coverage
Renters Insurance Accident Insurance
Insurance against identity theft
Car Insurance
Cell Phone Insurance
Dental Insurance
If you decide to live off campus, your landlord may require you to have renters insurance. Leases can say that renters have to keep a certain amount of insurance and show proof of it when they sign the contract. It will cost you money each month, but it will be worth it if your school supplies get stolen or damaged. College student renters insurance is very important.
When it’s time for college students to start looking for renters insurance, your property coverage limits are the most important number to remember. When buying renters insurance, college students should choose enough personal property coverage to cover the value of their belongings. This will make sure that if you lose your school supplies, your renter’s insurance will cover the cost of getting new ones.
Conclusion
Renters’ insurance can help protect the personal belongings of nearly 20 million college students. Most of the time, renters insurance is not required, but college students who live away from home while going to school should get it.
College students can get renters insurance for an average of $13 per month. This insurance will cover the cost of replacing clothes, textbooks, electronics, and other valuable items. It arises if they become lost or stolen. You can pick from the best renters insurance for college students to get started.
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References
- simplyinsurance.com– Best renters insurance for college students
- collegeeducated.com– College student renters insurance.
- forbes.com – Best renters insurance for college students
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