If you live in dorms, your options for renters insurance are limited. You’ll most likely be covered under your parents’ policy unless you live off campus.
If you rent your home, renters insurance protects you from the loss or damage or your personal property, liability when someone gets hurt at your home, or when you’re put out of your home by an accident or weather. Renters insurance also covers you when you’re in college, but the way it works differs on your living situation while you’re in school.
Normally, you can get renters insurance from a variety of insurance companies. But if you live in dorms, your options for coverage are limited. You’ll most likely be covered under your parents’ renters insurance or homeowners insurance policy, which you can remain on until you’re 26. Students who live off campus, like in their apartment, will be able to get their own renters insurance policies; in fact, their parents’ coverage may not extend to them anyway.
Read on to learn how renters coverage works for your situation.
Renters insurance typically covers a range of situations in which you could be on the hook financially for an accident, disaster, or loss. The three areas of protection offered by renters insurance are for personal property, liability and medical costs incurred by someone in your home, and needing alternative accommodation.
As a college student, you’re looked on by insurance companies as kind of a risk. Dorm life can be unpredictable, especially if it’s your first experience living on your own. While insurers will cover you, you won’t necessarily enjoy the same degree of coverage you’d get living out of dorms.
You need to calculate how much of your property you’d need to replace with coverage. That means your laptop, TV, and expensive textbooks. The risk doesn’t have to be from theft; personal property coverage also includes damage to your property, like from a wayward Solo cup full of cheap vodka landing upside-down on your MacBook.
Renters insurance can also protect you when someone is injured on your property. However, as a college student, depending on the type of coverage you’re eligible for, you may not necessarily have liability coverage.
The alternative accommodations protection that comes with most renters insurance policies won’t apply to you if you live in dorms. This kind of coverage is generally used by people who have been displaced from their homes by an issue like bad weather or a bed bugs infestation.
You can get renters insurance if you live in a dorm, but it’s more complicated than getting it as someone who lives off campus.
If your parents have renters insurance or homeowners insurance, it’s possible that their coverage will extend to you if you live in a dorm. In some cases, this may be automatic. Otherwise, you may have to request the insurance company to add the extra coverage, although it may be available at no extra cost.
In most cases, you can stay on your parents’ renters insurance plan until age 26, but only if you live on campus during that time. Your parents’ coverage doesn’t extend to you if you move to an off-campus apartment. Rather, the property you bring to your dorm is considered “off-premises” property.
There will also be limits on your coverage. For one, getting renters insurance through your parents’ plan generally excludes liability and alternative accommodation coverage – you can really only get personal property coverage. And that personal property coverage is itself limited to around 10% of your parents’ coverage or a fixed number that may not be enough if you have a lot of expensive property to insure.
If your parents’ renters insurance plan isn’t enough for you, some renters insurance carriers offer dorm insurance, which is similar to a renters insurance policy but tailored to college students. As a college student, you probably have fewer possessions and don’t need as much coverage. We’ll go more into dorm insurance later.
If you rent an apartment to live off campus, your parents’ coverage may not extend to a new apartment. You’ll have to get your own traditional renters insurance policy. Luckily, renters insurance is relatively inexpensive, even for college students. You can expect to pay between $180 and $190 per year for coverage.
Renters insurance for college students who live off campus is identical to renters insurance. You’ll get all the protections for personal property, liability, and alternative accommodations. You’ll be able to adjust how much coverage you need to reflect the property you own as an underpaid work-study employee.
As with other renters insurance plans, renters insurance for students who live off campus may have coverage limits, and you may need to buy more coverage than your basic offerings if you want protection for expensive (and often stolen) possessions like your laptop or smartphone.
You can get additional protection for possessions that aren’t in your home, such as a bicycle, but it could cost extra. You may also need to pay more for certain kinds of disaster insurance, such as for earthquakes or floods. Always make sure the renters insurance policy comes with a low deductible, which is the amount you’ll have to pay out of pocket to cover any loss or liability before the insurance company kicks in to pay the rest.
Your roommate won’t automatically be covered by any kind of renters insurance you get. That’s standard for any renters insurance policy regardless of whether it’s an extension of your parents’ policy or one you bought for yourself.
If you have your own renters insurance policy, you’ll have to add your roommate to it for him or her to receive protection, and your premiums will increase slightly to account for the additional coverage. Otherwise, your roommate will have to get his or her own renters insurance.
If you’re still living in a dorm, and you receive renters insurance coverage through via an extension of your parents’ policy, your roommate can’t be added to the policy.
Dorm insurance functions like rental insurance except that it’s tailored to college students who live in a dorm. This is useful if your parents don’t have renters or homeowners insurance or if it doesn’t extend to your on-campus housing.
Dorm insurance will always cover your personal belongings. Depending on the policy, it may also cover liabilities or medical expenses incurred by you if someone is injured in your dorm. However, dorm insurance (sometimes called “college renters insurance”) usually does not provide coverage if your dorm room becomes unlivable.
As always, check your insurance company’s policy to make sure it offers the coverage you need. You’ll probably enjoy a low deductible and premium amounts similar to traditional renters insurance policies.
Disclaimer: Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.