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.
|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:
Personal Property - Repairs or replaces your belongings after a covered loss.
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.
Liability - Covers your liability if you accidentally injure someone or damage another's property.