College students and renters insurance

It's summer time, which means college freshmen everywhere are gearing up for the school year ahead. Between orientation, picking out schedules and moving into a dorm, there are a million things all students need to think about before classes even start. One of the most important considerations that many overlook is getting a renters insurance policy to cover all their belongings at school.

While a student's possessions are covered at home under their parents' homeowners insurance policy, it can be a different story when they are away at college. Unfortunately, theft in dorms does happen and college students may not always be the most responsible people when it comes to their expensive items. For this reason, it's a good idea to look into a personal renters insurance policy while away at school. Here are a few things a typical policy does cover and can offer students:

Personal property protection
With homework, a full social calendar and extracurricular activities, college students are busy and few are thinking about what will happen to their stuff when they head out of their room for a few hours. However, the reality is that anything could potentially happen, and theft, fire or water damage does occur from time to time. Personal property protection with a renters insurance policy will cover the cost if anything is damaged, stolen or destroyed from various circumstances.

There are a couple different options for personal property coverage that will give students financial protection should they need to replace any belongings:

  • Actual cash value: This coverage insures belongings for how much a student paid for them. This means that a policyholder would receive the market price for the item if it is stolen or damaged.
  • Replacement cost value: For students who need to replace items, this may be the better coverage option, as it will give policyholders the cost to purchase the same item new. Typically, this option is more expensive because the replacement costs are higher than an item's actual cash value.

    It's important for students to get some type of renters insurance coverage, or else they risk financial downfall if their belongings are unexpectedly stolen or damaged. It is easy to compare rates between insurance providers, and in most cases, this type of coverage is very affordable for students. In fact, renters insurance monthly premiums can sometimes cost around the same price as a movie ticket.

    Most renters can find coverage for less than $1 a day. To compare renters insurance quotes, visit CoverHound today.

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