Sending your child off to college is an exciting, yet stressful process. As a parent, you want to make sure they are safe and protected in every possible way.
In 2024 alone, there were 8,456 reported burglaries at college campuses across the nation. Burglary is the second most common campus crime according to the U.S. Department of Education Office of Postsecondary Education.
Getting your college student insurance is one way to protect them and their belongings. Depending on your home insurance policy, your college student may be covered. However, if they do not qualify under your policy, your college student should get their own renter’s insurance policy.
Will my Homeowners Insurance Cover my College Student?
Homeowners insurance coverages vary by policy, so it is important to review your policy with an agent to better understand if it covers your college student.
Living On-Campus
Your homeowners policy may provide coverage to your student’s personal liability and personal property in their on-campus housing, according to the Insurance Information Institute (III).
- Personal Liability. If your student is found legally responsible for damaging school property or injuring another person, your homeowners policy may cover repair costs, medical payments, and legal fees.
- Personal Property. If your student’s property is stolen from their dorm room, or damaged by a covered peril, your homeowners policy may cover a portion of the cost to repair or replace their belongings.
- Most homeowners policies will cover up to 10% of the original policy. For example, if your total personal property coverage is $100,000, your student’s possessions would be covered up to $10,000.
- Additional Coverages. Some categories of properties may have a set dollar limit. Acquiring a floater or umbrella policy for additional coverage would be helpful in protecting your student’s valuables. If you’re not sure whether something is covered, contact your agent before the semester starts.
Considerations and Limitations
Your homeowners policy can cover your student’s dorm room under an extensions of your policy’s “off-premises” coverage. However, your college student should get their own renter’s insurance if they fall under any of the following restrictions.
- Age Limitations. Homeowners policies limit the extension of coverage to a student based on their age. In many cases, policy extension are capped at 26 years old.
- Enrollment Considerations. Some policies require your college student to be enrolled full-time. Full-time student status varies by college or university and by semester.
- Amount of Time Spent at Home. An insurance company may determine that your student is no longer eligible to receive an extension of your coverage if they are no longer a “resident” of your home. If your child did not live at home prior to leaving for college, or rarely visits the home, they may be excluded from your coverage.
When a College Student Should Get Their Own Renter’s Insurance
Many homeowners policies stipulate that off-premises coverage extends only to on-campus housing. Your college student should get their own renter’s insurance if they plan to live off-campus.
How Does Renter’s Insurance Work?
Similar to homeowners insurance, renter’s insurance covers your student’s personal belongings and potential liabilities while renting.
- Personal Property coverage protects against the loss of personal belongings such as furniture, clothing, jewelry, electronics, and more.
- Personal Liability coverage protects your student against medical bills and legal fees if they are found liable for someone that was injured at the property they are renting.
- Medical Payment coverage provides voluntary payments to someone that is minorly injured on the property your student is renting.
- Loss of Use coverage helps with the expenses incurred if your student’s housing becomes unlivable. It can help cover temporary housing, food, laundry, and other reasonable costs.
Who Should Be Listed on the Insurance Policy?
The student renting the property needs to be the primary individual listed on the renter’s insurance policy.
- Do Roommates Need to be Listed on the Renter’s Insurance? If the roommate is unrelated to your student, they should get their own policy to ensure that their property and liability are adequately covered.
- Do Siblings or Domestic Partner Need to be Listed on the Renter’s Insurance? If the roommate is related to your student, depending on the insurance company and state regulations, they may (in some instances) be added to the policy. However, it is important to ensure that the policy has sufficient coverage to protect everyone’s possessions. You may also want to consider the potential complications of having shared claims and liability history.
- Do Parents Need to be Listed on the Renter’s Insurance? College students living off-campus do not need to list their parents on their policies.
Coverage Considerations
Your college student should get their own renter’s insurance when required to by their landlord or the state.
- Lease Requirements. Renter’s insurance may be required by the landlord as part of the lease agreement. They may require specific minimum coverage amounts, and for tenants to list them as additional insureds on the policy.
- State Regulations. Although Florida does not require renters to have insurance, other states have different regulations.
- Additional Coverages. When purchasing your student’s policy, consider additional coverage for specific, expensive items. Depending on the carrier, renter’s insurance policies may also offer Identity Theft Coverage and Flood Endorsement.
Can College Students get Cheaper Renter’s Insurance?
Some carriers offer special discounts for students because they recognize they may have lower-value belongings and be at lower risks compared to older renters.
Factors Influencing Costs.
- Students may have fewer belongings, which results in lower premiums.
- Students living in areas with lower crime rates and fewer weather-related risks may pay less.
- Students can lower their monthly premium by choosing a higher deductible.
Is Renter’s Insurance Worth It for College Students?
In exchange for paying a premium, which is typically quite affordable, costing $15 to $20 per month, your student transfers the risk of property loss and liability to an insurance company.
Florida Peninsula Insurance Company offers comprehensive renter’s insurance with a variety of coverage options at reasonable prices. If you are interested in learning more about our renter’s insurance selections, visit our Renter’s Insurance Page.
Talk to your Florida Peninsula Insurance Company agent to learn more about getting renter’s insurance for your college student, or if you have any questions about your homeowners policy.
If you're not currently insured with us, get an online quote today.
