How Does Insurance Work In A Dormitory?

College is a big first step into adulthood. You get to set your own schedule, delve into your passions and go out for late-night pizza without parents asking where you’re going, what you’re doing and who you’re doing it with. Every decision to be made is yours. Sounds pretty good, doesn’t it?

College isn’t all that easy though. There are some things you’re going to have to learn, like doing laundry, time management and the importance of meeting hard and fast deadlines. Your professor isn’t going to give you an assignment extension because you were rushing at a Greek life event.

On top of all of that, you have to learn how to budget your money for the school year ahead. One too many pizza nights can quickly blow your budget, and scraping enough cash to pay for your college renters insurance policy without asking mom and dad for help will be close to impossible. Looking for ways to be a better and more responsible adult? You’ve come to the right place. CoverHound can help you find the insurance package that’ll fit your lifestyle and your budget.

The Costs of Living on Campus

You’re going to be bringing some big-ticket items with you to college; what’s a college student without their laptop? And your college textbooks, they’re going to cost a pretty penny. According to CNBC, college textbooks and supplies cost students an average of $1,200 a year, with a single book costing as much as $200! That’s a lot of moola not going to your basic living expenses. Can you imagine if something happened to your laptop and textbooks? What if the dorm flooded while you were in the dining commons? The bookstore isn’t going to buy damaged textbooks back; you’ll be out $1,200. What if your roommate spilled boba tea all over your laptop? Could you afford to pay for a brand-new MacBook?

This is where college renters insurance saves the day: if your belongings are damaged, lost or stolen, it will all be replaced. Wait a minute, you’re thinking. Do I need college renters insurance if I live in a dorm? Won’t the school cover it if something like that happens?

The answer to that is no. The school’s insurance only covers structural damage to the building, it does not cover your private property. There is hope. The National Association of Insurance Commissioners says that your parents’ homeowners insurance policy could potentially cover your belongings (so long as you are under the age of 26) while you are living on campus. But before you move out and unpack in your new dorm space, you’ll need to call your insurance agent to see if your folks’ homeowners insurance covers your stuff, it might not, it all depends on the type of package your parents have.

If your parents’ homeowners insurance does not cover your stuff while you’re living in a dorm, you’ll need to get a college renters insurance policy. Renters insurance averages a cost of $12 a month, that’s like three tall mocha Frappuccinos. If you have enough money for coffee, you have enough for insurance.

College renters insurance is affordable and necessary. Do you really want to lose your laptop a week before your huge midterm paper is due without any means to get a new one? Probably not. Visit CoverHound for your free renters insurance quote today.