College Apartments & Renters Insurance

Back to school is approaching fast, and for those of you with children away at college or university, you may have questions about how best to insure their possessions while away. Theft is usually the main concern that parents have. Thinking about how much it would cost to replace a laptop or musical instrument can add to the parental anxiety that usually accompanies a child going away.

While possessions in dormitories and residence halls are generally covered under a parents' property policy, when the student moves into an apartment with roommates, renters insurance is strongly recommended. Aside from providing coverage for their clothing, computers, iPod and other personal possessions, renters insurance provides them with critical coverage for their personal liability.

According to the NFPA, in 2006 fire departments responded to 4,290 fires in campus housing. These fires caused an estimated $29.1 million dollars in property damage. Since two-thirds of all college students live in non-dormitory housing, the need for these students to protect themselves financially is critical.

In years past, most college students went without any form of insurance to protect themselves in the event their unit was damaged due to fire. Thus, if the student's apartment was damaged, landlords could file suit to collect damages and the student could find themselves with a judgement against them for thousands of dollars.

In recent years, more and more apartment complexes are requiring their tenants to carry renters insurance with liability coverage. However, not all college campus apartments carry this requirement. The onus then falls on the parents to make sure their student is fully protected while living in off campus housing.

The good news is that renters insurance is extremely affordable. For premiums usually less than $1 per day, you and your student can rest more easily, knowing that they are correctly covered and protected.

Making sure your student carries renters insurance can help with the short term concerns of how to replace possessions, and also help avoid the long term financial consequences of fire or other unintentional property damage.