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For many college students, the end of a semester means the end of a lease contract. If your student is switching apartments, or starting college in the spring, ensuring he or she has adequate renter’s coverage is just as important as attending class.

Experts recommend every college student have between $5,000 and $10,000 worth personal property insurance coverage. Ten, or fifteen years ago this may have seemedWhy Your College Student Needs Renters Insurance a bit excessive, but combine the value of a tablet, laptop, mP3 player, stereo, possibly a gaming console and other electronics combined with basic clothing and household items, $10,000 might not be nearly enough. As you prepare your child to move, take a mental note of everything they are taking with them, and be sure their insurance is adequate to replace everything if necessary.

Landlord vs. Renter

The landlord owns the building, not your Xbox. Therefore, he is responsible to insure the building, not your stuff. If the building burns to the ground, he will pay to rebuild the structure, but he is not responsible to replace any of the contents.

Renter’s insurance, on the other hand, covers everything except the structure, meaning personal possessions inside. For this reason, renters are responsible to protect their own belongings. It would be impossible for a landlord to keep track of and carry adequate insurance for every tenant, nor is it his responsibility to protect your items from theft, fire, water, or other perils.

Roommate vs. Renter

Renter’s insurance is an individual policy, not an apartment policy. So, if one tenant has insurance and another does not, it makes no difference to the insurance company. The policy is designed to cover individual belongings, not the contents of the apartment as a whole. Each roommate must have their own renter’s insurance policy in order to protect their own personal property.

Apartment v. Home

Many college students choose to rent a home, or live in a sorority house on campus. Regardless of whether the dwelling is an apartment, townhome, condo, house, or dorm, renters insurance is required in most cases.

Some on-campus housing may come with adequate renters insurance, policy limits fluctuate based on the school campus. It is important to check with the housing office and ask about on-campus renter’s insurance. However, even students who choose to rent a home, or rent a room in a home still need renter’s insurance. Unless your name is on the title of the property, you need renter’s coverage.

Renters Risk

According to the National Crime Prevention Council, apartments are 85 percent more likely to be burglarized than any other form of housing. Apartments in large cities, or college towns are more so at risk because of the increased number of young people who are looking to score on electronics, money, or valuables. In addition, many college students fail to properly lock and secure their apartments, making it easy for burglars to walk in uninvited.

By Matt Reynolds - Google+
Posted 10:00 AM

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