Why College-Bound Kids Need Renter’s Insurance for Their Apartment
So, junior’s getting ready to head off to college. No doubt, you have a lot on your to-do list this summer: schlepping to Bed Bath & Beyond for dorm room essentials (don’t forget a shower caddy!), purchasing college textbooks, and stocking up on school supplies, not to mention packing all the above.
We hate to put another task on your plate, but it’s an important one. If your kid will be living off campus in an apartment, they should get a renter’s insurance policy.
Why does my kid need renter’s insurance for their college apartment? A lot can go wrong: theft, fire, and accidental injuries, for a start. Renter’s insurance—although not required by law—can provide protection for these events.
Your child’s landlord isn’t responsible for their belongings. That means if your kid’s clothing, computer, books, or other belongings are stolen, damaged, or destroyed and your child doesn’t have renter’s insurance, they’d have to shell out a lot of cash to replace these items. Also, if a visitor falls in your kid’s apartment and needs to go to the hospital, your kid would be on the hook for the medical bills—unless they have renter’s insurance.
What does renter’s insurance cover? Renter’s insurance provides a wide range of coverage, including:
- Your child’s belongings. Say a neighbor’s dinner catches on fire, and the fire spreads to your child’s place. If the fire destroys or badly damages your kid’s clothing, electronics, equipment, or other possessions, those losses would be covered.
- Temporary housing. That neighbor’s fire? If it rendered your child’s apartment uninhabitable, their renter’s policy would cover temporary living arrangements, such as staying in a hotel, and additional living expenses while their apartment is being repaired.
- Liability. This covers the healthcare costs if visitors are injured while on your property and they require medical care.
- Personal belongings stolen from your kid’s car. If your child’s car is broken into and possessions are stolen, a renter’s insurance policy would provide coverage for the lost items.
- Injuries your child accidentally causes others. This applies to injuries that occur on the residence premises; (say a friend who stops by and trips on a rug and needs medical attention, those medical bills would be covered and for accidental injuries your child causes outside of the residence premises (e.g., if they were to lose control of their bike and crash into a pedestrian).
How much does it cost? It won't strain your budget. An Electric Insurance Company renter’s insurance policy costs, on average, just $14.81 a month.
Our Risk Coaches™ are licensed insurance professionals who are trained to look at coverage from your perspective. They’re standing by to help you explore renter’s insurance options for your college-bound kid. Call us at 800.227.2757, Monday through Friday from 8:00 a.m. to 8:00 p.m. ET. Use the quote box at the top of the page to get coverage in 24-48 business hours.