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Should College Students Buy Renters Insurance

Alex Britton

Renters insurance is typically not on the radar of a college student and this is not shocking. Most college students aren't willing to shell out extra cash on anything without immediate benefits, between tuition, rent and beer money. But what do you do if anyone on your house party is seriously hurt and you are liable? Or if anyone is swiping your $2,000 MacBook from your flat? It turns out college could be the perfect time for insurance coverage for the first renters.

What sort of student needs coverage at the college?

It depends on where you sleep. Whether you live in a dorm or on-campus housing, you're usually protected by rental or homeowners insurance from your parents — as long as you're identified as a dependent and the policy contains "off-premises coverage." It's wise to have your parents review your policy to make sure that you're genuinely responsible for any loss or harm on-campus.

Yet when you live in a house off campus, all of this changes. The policy of your parents no longer applies to you, and your landlord is not liable to cover or repair something that is lost or damaged in the rental of your house. If there is a fire or someone breaks into the house, it's up to you to repair what's stolen or ruined — and that's where rental insurance will make a bad situation or tear it down.

What does the college loan loan policy cover for the renters?

Rental insurance usually covers personal property, liabilities, and extra cost of living. Here is why any one of these matters.

Personal Property

When your apartment has a fire or someone steals your new iPad from your office, the value of your belongings is covered by the rental insurance. Bear in mind that events such as earthquakes and floods are not usually protected here — you 're going to need a separate strategy.


Liability

This covers you in the event that you or anyone in your rental is injured. Let's say someone got seriously injured at your apartment during a party. Protection of liability will cover the legal bills, and in certain cases the medical expenses required.

Additional Living Expenses

That includes costs that you would incur if you couldn't stay in your home. If your roommate sets the place on fire, this protection will cover your temporary accommodation and meals while repairing the damages.

Bear in mind that if your roommate has insurance for landlords, it doesn't mean that they must cover your things. Policies usually concern only the policyholder.

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