You’re probably more concerned with tuition, paying for your books, and finding a great place to live. Most college students are. Renters insurance is typically an afterthought for someone headed to university.

 

It shouldn’t be. Renters insurance is a must-have coverage option for college students living away from home. Just like you must have car insurance when you’re driving a car, you need to get some form of renters’ coverage, too.

 

Why? Well, there’s a plethora of reasons why college kids must have renters’ insurance. So, let’s dive in.

 

What is Renters Insurance?

 

Before we dive in and find out why renters insurance is so important these days, we need to understand the coverage a little more. Renters insurance is a type of coverage that helps protect individuals renting apartments or homes.

 

When you live in a home, apartment, or condo that you don’t own, the landlord’s insurance policies don’t offer you any coverage with regards to your personal belongings. If your stuff is stolen or a fire completely destroys all of your belongings, it’s not your landlord’s responsibility. It’s yours.

 

If you don’t have renters’ insurance when tragedy strikes, you’ll be forced to replace all your items out of pocket. Without coverage, those out-of-pocket expenses will add up quickly.

 

Think about it. Laptops, smartphones, university books, furniture, and so much more. While you may not think your things are that valuable, you may not have the kind of money you need to replace everything.

 

Now, renters’ insurance coverage offers you three distinct types of coverage:

 

• Personal Property: This coverage helps protect the value of all of your belongings if they are damaged during a covered event, like vandalism or a natural disaster.

 

• Additional Living Expenses: This coverage will pay for your housing and meals if you’re displaced due to damage of the rental.

 

• Liability: You’ll also have coverage against lawsuits and claims from visitors to your rental.

 

Why You Need Renters Insurance in College

 

Now that we understand what renters’ coverage is, the question remains: why do you need it? Well, here are just a few of the many reasons to find a policy:

 

• Accidents Happen in College

 

It’s college. You may not being as careful as you should be. Many students attack college full-steam ahead. We’re talking parties, hanging with friends, studying, dating, the gym, and so much more.

 

There’s a lot of activities during university. As such, many accidents do happen during this time. By paying for renters’ insurance, you be covered in case there’s an accident where you live.

 

• College Kids Don’t Have Replacement Cash

 

Most university students simply don’t have the money to replace their items if they were to be destroyed by a natural disaster or stolen.

 

Your MacBook is worth $1,500, and that iPhone is another $700. You spent $550 on books this semester, not to mention the value of all your clothing and furniture.

 

Most college kids fail to realize they’ll need at least $5,000 to fully replace their stuff if it gets destroyed or stolen. As most college kids don’t have $5,000 of money to spend on whatever they like, renters’ insurance is a great idea.

 

With proper coverage, you’ll receive replacement cost value for all the items that were damaged or stolen. This ensures you can buy back any and every item you need to.

 

• It’s Cheap

 

Many shy away from looking into renters’ insurance because they believe it’s pricey like car coverage or homeowners. Luckily, that couldn’t be further from the truth. In fact, renters’ insurance is cheap.

 

According to the Independent Insurance Agents and Brokers of America, the average cost or a renters’ insurance policy is only $12 per month. That’s $144 per year, and includes $30,000 of property coverage and another $100,000 in liability coverage.

 

So, for the price of a Chipotle burrito, chips, and a drink – you can have solid renters’ insurance coverage. That seems like a pretty good deal.

 

• Many Landlords Require It

 

Many landlords require proof of renters’ insurance before finalizing any lease agreement. Without the coverage, you’ll be severely limiting the properties you can rent. You don’t want to miss out on the terrific house right next to Main St. just because you didn’t pay $12 a month for renters’ coverage.

 

Renters Insurance: Well Worth the Cost

 

Money is tight in college, but the majority of students can afford to pay $12 a month for renters’ insurance. With the vast benefits and little downside, every college kid should pay for a renters’ policy while living away from home at a university. It’s a no-brainer!