Do College Students Need Renter’s Insurance?

With the excitement of moving into a new dorm or apartment, many may not be thinking about whether their belongings are covered. If you are a college student living in on-campus housing such as a dorm, your belongings may be covered under your parents’ homeowners or renter’s insurance policy. However, it is a good idea to go over their policy to be aware of coverage limits and to make changes to their policy, if needed.

Will my homeowners insurance cover my college student? 

According to the Insurance Information Institute (III), most possessions of students living in on-campus housing are covered under their parents' homeowners policy; however, there are limits. Some policies will only cover dorm possessions for up to 10% of the original policy. In addition, some categories of properties may come with their own set dollar limits. For coverage regarding valuable and precious objects, you may consider acquiring a floater policy. 

Living Off-Campus

If a student is living in an off-campus apartment, condo, or home, they will most likely need a separate renter’s insurance policy. Obtaining renter’s insurance is quite simple and relatively affordable. Renter’s insurance includes different variations of coverage, but almost always includes:

Property Coverages

o   Personal Property Coverage: Coverage for stolen or damaged belongings including furniture, electronics, and clothing. 

o   Loss of Use: Coverage for expenses should your rental property become inhabitable due to a loss, such as renting an apartment while your rental is being rebuilt. 

Liability Coverage

o   Coverage for the student if he or she is responsible for someone else’s injuries or accidental damage to their property (including the landlord).

Additional Coverages

o   Coverage for specific, expensive items.

o   Identity Theft Coverage. 

 o   Flood endorsement

Florida Peninsula Insurance Company offers comprehensive renter’s insurance with a variety of coverage options at reasonable prices.  If you are interested in finding out more information regarding our renter’s insurance selections, visit our renter’s insurance page. Should you have any questions or concerns about your homeowners policy or seeking rental insurance for your college student, speak with your agent for assistance. 

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