Does a College Student Need Renters Insurance?
College students who live in a dorm do not need renters insurance. However, if a student lives off campus, renters insurance may be a good idea. A parents’ homeowners insurance policy provides some coverage to college students temporarily living away at school.
What does homeowners insurance cover for college students?
A parent’s homeowners insurance follows a student who lives temporarily in a dorm or apartment to attend school.
Up to 10% of the Personal Property limit applies to belongings stored outside the home.
- This can include a dorm, temporary off-campus apartment, or storage unit.
- This only covers theft claims if the student has been living in the dorm in the 90 days prior to the theft.
For example:
Part C – Personal Property Coverage | $100,000 |
Off-Premises Coverage Limit | x10% |
Coverage Limit for Belongings Stored Outside the Home | =$10,000 |
Liability coverage from a parent’s homeowners policy is available to resident family members. If the student’s permanent residence is the insured home, they have coverage if they accidentally cause damage that could result in a liability claim.
Renters insurance for college students
A parent’s homeowners insurance policy may apply to a student whose permanent residence is still the insured home. However, it will not cover a student who changes their address or declares residency in another state.
If the student lives in an apartment off-campus, a renters insurance policy may be a good idea. Renters insurance has three coverage types:
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Personal Property - Repairs or replaces your belongings after a covered loss.
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Loss of Use - After a covered loss that makes the residence uninhabitable, covers living expenses beyond your normal costs until you can return or find a new place. Loss of Use coverage is not available from a parents’ homeowners policy if the dorm or school apartment becomes uninhabitable.
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Liability - Covers your liability if you accidentally injure someone or damage another’s property.