Does Your College-Bound Child Need Renters Insurance?

A lot can happen when your kids go away to college - it can even be a little worrisome! Will they get enough sleep? Will they get good grades? Can they live off Ramen and Easy-Mac? 

And you may be wondering whether your college-bound child needs a separate insurance policy to cover property and provide liability coverage. The last thing you need to be concerned about is their stolen or damaged stuff, like that new laptop you just bought. And having insurance coverage in case they accidentally cause damage to their living space is important too. Your homeowner's policy will often cover those things, but sometimes they need a separate renters policy.

On-campus vs. off-campus housing and home insurance

If the child lives in on-campus housing, such as a dorm or a school-owned property, the parent's home or renters insurance typically extends to the parent's homeowner’s policy. However, coverage varies by the carrier if the college kid lives in an off-campus apartment or house.

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NNINS home insurance extends to your student

At NNINS, the parents' homeowners or renters insurance DOES extend valuable coverage to children away at college if they are full-time students and their permanent residence is still with their parents. The NNINS coverage extended to the student includes 10% of the parent's Coverage C for the child's personal belongings, as well as certain liability coverage with restrictions. Unlike NNINS, many other carriers require that you write a separate HO-4 policy for the student. As always, it is best to confirm coverages with the carrier. 

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Should your student purchase renter insurance with their roommate?  

If the client chooses to write a separate renters policy and the student lives with one or more roommates, they may be able to purchase renters insurance together. While sharing a policy can save money, there are downsides. One is that your roommate's claims also go on your claim’s history record, which may cause you to pay more at renewal. Problems can also arise when a roommate moves out or doesn't pay his/her share of the premium.

Young people get together

What does basic renters insurance cover?

Fortunately, renter’s insurance is a bargain for the protections provided in a basic policy listed below:

  • Personal property – Protects the value of belongings from a covered event anywhere in the world, such as damage from a natural disaster, loss, or theft.
  • LiabilityCan protect against a claim or lawsuit if you accidentally hurt someone, or a visitor is injured in your rental.
  • Additional living expenses – Can pay for temporary housing and meals if you can't live in your rental while covered damages are repaired.

Learn more about Renters Insurance

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