When students head off to college or university, the focus is often on classes, housing, and making new friends. One area that’s easy to overlook is insurance, specifically renters’ insurance. While many families consider renters’ insurance something for adults with established homes, it can be just as important for students living in residence halls or off-campus apartments. Here’s what you need to know.

What is Renters’ Insurance?

Renters’ insurance protects the personal belongings of someone renting, such as furniture, electronics, clothing, or school supplies. It can also provide liability coverage if the policyholder accidentally damages the property or someone gets hurt while visiting.

For students, this means that the essentials they take to school, such as laptops, textbooks, smartphones, and other valuables, may be covered in the event of theft, fire, or other insured losses.

Does Your Home Insurance Extend Coverage?

If your child lives in a campus residence or student housing, your existing home insurance policy may cover their belongings. Many policies extend coverage to dependents living away from home while in school, but usually with limits. For example, the coverage amount for items away from the home may be capped at a percentage of your overall contents coverage.

It’s important to review your current policy and confirm what’s included. A renters’ insurance policy can fill the gap if coverage is limited or nonexistent.

Off-Campus Living is a Different Story

Students renting apartments or houses off-campus often face more risk. While the landlord’s insurance covers the building itself, it does not protect the tenant’s belongings inside. This is where renters’ insurance becomes crucial. Without it, students could be left paying out of pocket to replace stolen or damaged items.

Liability coverage is also especially important in off-campus living situations. If a guest is injured or the student accidentally damages the property, they could be held financially responsible. Renters’ insurance helps protect against those costs.

How Much Does It Cost?

One of the biggest misconceptions is that renters’ insurance is expensive. In reality, policies for students are often very affordable, sometimes as little as a few dollars a month, depending on coverage levels and location. Compared to replacing a stolen laptop or repairing water damage, it’s a small price to pay for peace of mind.

What About Roommates?

Another common question is whether one policy covers multiple roommates. Typically, renters’ insurance only covers the individual named on the policy. Each roommate should have a policy to protect their belongings and liability properly.

Final Thoughts

While not every student may need renters’ insurance, it’s important for families to review their existing policies and consider whether additional protection makes sense. For many, it’s an affordable way to safeguard valuables and avoid unexpected costs during the school year.

Not sure if your student is covered? Contact ICD Insurance Brokers at 905-830-9000. We’ll help you understand your options and find the right coverage for your family.

Disclaimer: At ICD Insurance, we aim to provide accurate, up-to-date information. However, insurance needs vary, and coverage depends on specific policies, locations, and providers. This content is for general information only and may not fully apply to your situation. Please contact your ICD Insurance broker to discuss your specific needs and coverage.