An A+ Guide to Renters Insurance for College Students

An A+ Guide to Renters Insurance for College Students

Imagine walking home to your apartment/dorm and realizing that you've been robbed while you were away. Your textbooks are missing, your laptop is gone... they even stole your gaming console. All of your valuables have been taken away from you.

Money is hard enough to come by as a college kid. Even if you work part-time, you don't make nearly enough to financially recover all your prized possessions that were stolen. Unless, of course, you have renters insurance!

See below for an in-depth guide on what renters' insurance for college students is and how to find the perfect fit for your needs.

What Is Renters Insurance?

As the name would imply, renters insurance is a policy that helps you recover from things such as damaged items, fires, and stolen property.

As you well know, this life is full of unforeseen circumstances. Renters insurance helps you recover from the financial loss that's often attached to those unpredictable situations.

While many college kids think that renters insurance doesn't apply to them until they get out in the real world, it's actually the opposite. Having a policy can protect you from several typical college situations.

What will you do if your car gets broken into while it's sitting in the public parking lot next to your dorm? How will you pay for your phone if someone steals it from the cafeteria table while you're not looking?

Renters insurance is also a form of liability coverage. So if someone trips over your dirty laundry on the floor and breaks their arm, you aren't left to pay those medical fees out of your pocket.

Lastly, renters insurance offers to pay for temporary housing if you need a place to stay while your apartment/dorm is repaired.

Without it, you'd be paying for those alternate living situations yourself, or moving in with your Aunt who lives near campus.

personal property blue bag

Tips to Find the Best Renters Insurance

As with any other form of insurance, there are several things that you can do to line yourself up with the right renters' insurance policy.

See below for a few of the best tips to find the right coverage. This will help you find the right price, the right coverage, and the right fit for your needs.

Pay Annually

Here's a quick life lesson for all you young guns out there: just because a company offers a payment plan, doesn't always mean you should take it.

In some insurance policies (such as car insurance), a payment plan can help break down the large annual cost into monthly payments. However, renters insurance is relatively inexpensive and can be paid annually, even with a college kid's budget.

On average, renters insurance only costs around $180 per year. By paying it annually, you will pay far less in fees.

Compare Different Insurance Companies

You wouldn't shop at one car dealership before buying a brand new car. You wouldn't go to one electronics store to buy the new PS5. Why? Because you might find a better deal at another store.

The same thing applies to renters insurance. Some companies will offer you more coverage, but at a higher price. Others will offer you a lower price, but with less coverage.

Your goal is to find the perfect combination of the two. Put on your Goldilocks thinking cap and compare different insurance companies. The price range between them will be significant. 

The price varies so much because different insurance companies use different methods of measuring risk. Age is a key component of that. The younger you are, the more "risky" you are.

Be sure to browse around and get different offers on renters' insurance. Take the time to understand the coverage differences while making your choice.

piggy bank

How Much Coverage Do You Need?

The answer to this question depends entirely on the amount of "stuff" that you need to be covered in a loss. Basically, anything that you deem valuable can be covered.

Take the time to go around your apartment and look around your car and list all valuables. This can be your laptop, cell phone, gaming system, TV, car stereo, the car itself, or anything else. 

Once you have that list, go online, and research how much each item typically goes for on the current market. Remember to set the price for what that item costs when purchased new.

For example, when placing a price on your TV, don't write down the price of what a used TV costs. Write down the price of a new TV, the cost you'd be paying to replace your current one if it were damaged or stolen.

Make sure to double-check your list to make sure it includes the cost of things like your clothes, your furniture (that you own), etc. Add up all of those costs in order to figure out the amount of coverage that you will need.

Invest in Renters Insurance for College Students Today

Now that you have seen an in-depth guide on the ins and outs of renters insurance for college students, be sure to use it to your advantage.

Start by visiting this page to learn more about renters insurance and receive a free quote instantly.

Best of luck in your search! You'll have more peace of mind knowing that renters insurance is there to back you up!

Find your perfect insurance policy

Compare the top insurance brands at once for free