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When you move into your first college dorm or apartment, you may bring along a laptop, bike, phone, clothes, textbooks, and maybe even furniture with you. But whether you need renters insurance for college depends on where you live, whether you're already covered under a parent's policy, and how much it would cost to replace your stuff.
If you're living in an on-campus dorm or fraternity or sorority house, you may already have some coverage under a parent's homeowners or renters insurance policy.
If you're renting an apartment or house off campus, you're more likely to need your own renters insurance policy. In fact, some landlords require it before you can move in.
Even when it's optional, renters insurance can be worth it. Burglaries account for about 28% of reported on-campus crimes, according to the National Center for Education Statistics. If your laptop, phone, bike, clothes, and textbooks get stolen or damaged, replacing everything out of pocket would be pricey.
College students can be covered under a parent's policy in certain situations.
Many homeowners and renters insurance policies include off-premises personal property coverage, which applies to any personal items you keep away from home. "Away from home" also includes items a dependent keeps at a dormitory.
The amount of off-premises coverage your policy includes is often quite limited, though. For instance, it's normal for policies to include 10% off-premises coverage, which means a college student would receive up to 10% of their parents' personal property coverage. So if the parents' policy includes $75,000 of personal property coverage, the student may have up to $7,500 in coverage for belongings kept at school.
If you've signed a lease for an off-campus apartment or house, you're more likely to need your own renters insurance policy. Coverage under a parent's policy often doesn't extend to students who have established their own residence, and some landlords require renters insurance before moving in.
The best way to find out whether you or your student will be covered while in college is to call your insurance company and ask. Check if you're covered while away at school, how much off-premises coverage you have, and whether that coverage still applies if you live off campus.
Most renters insurance policies include three main types of coverage.
The primary thing home or renters insurance could cover for a college student is their belongings. If any of these belongings are stolen or damaged by a covered event, the policy could help pay to repair or replace them. For most policies, "covered events" include fire, lightning damage, storm damage, theft, vandalism, or certain types of water damage.
The bike you use to get to and from classes
Small appliances, like a mini-fridge or cooktop
Some expensive items like jewelry, musical instruments, or high-end cameras may have separate coverage limits. If you're taking anything particularly valuable with you to college, check ahead of time how much you'd get reimbursed if it's damaged. In some cases, you may need to schedule extra property coverage.