Importance of Renters Insurance for Students Living Off Campus

Going to college is a significant landmark for millions of young Americans every year. However, with many of these young adults moving out of their parents’ homes and living independently for the first time, there may be significant risks and exposures to consider. For those living off campus and lacking various securities that dormitories and other school-offered housing may provide, these risk levels may be exacerbated, necessitating careful consideration of renters insurance.

What Is Renters Insurance?

As its name suggests, renters insurance is a type of coverage tailored toward the needs of those who rent their homes. Whether a student is renting a house, apartment, condo or other type of residence, the right renters insurance policy can make all the difference following many common incidents.

Why Do Off-campus Students Need Renters Insurance?

While many universities and colleges may offer coverage options to students who choose to live on campus, those who are living elsewhere typically need to find their own policies. In fact, many landlords and property management companies may mandate coverage, specifically for college students who may be seen as higher-risk residents.

How Can Renters Insurance Cover Students?

Consider the following real-world scenarios that could impact college students that might necessitate coverage to avoid significant out-of-pocket losses:

• A student throws a party during which a guest slips on a wet floor and breaks their arm. In this situation, the host could be considered liable for resulting medical bills, which renters insurance could help pay for.

• If a student leaves their sink running, leading to the unit below them flooding and inflicting water damage, renters insurance could be essential for paying for these losses.

• Should a student’s laptop or other valuables be stolen or damaged in a fire, renters insurance could be integral in absorbing the financial ramifications and covering repair or replacement costs.

Get the Right Coverage

Contact Contigo Insurance today to learn more about renters insurance options for off-campus college students.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.