We all know that homeowner’s insurance is a necessity and that all tenants should carry renter’s insurance, but college renters seem to have been forgotten in this equation.

When our children go away to college and reside in an apartment – even on campus – they will need to carry renter’s insurance to protect their personal items. The only exception is children living in dormitories or other campus-owned property; in this case, their parents’ homeowner’s insurance policies will cover the cost of their loss.

The Costs of Replacing Textbooks and Electronics

Many of the items that your child has at a college apartment may not be of great value, such as inexpensive furniture and household items, but it is often the personal items, such as textbooks and electronics, that can be quite substantial to replace.

The bottom line is that if your child resides in an apartment or other type of non-dormitory living while away at college, he or she needs to be protected from loss and personal liability.

For example:

• Did you know that if a fire in your child’s college apartment destroyed his/her personal computer and school books that you or your child would be responsible for their replacement?
• Did you know that if another individual became injured at your child’s apartment that you or your child would be personally responsible for their medical bills and injuries?
• Did you know that if your child’s electronics, computer and other personal belongings were stolen that you or your child would be personally responsible for their replacement?

Coverage in Roommate Situations

It is also important to remember that even if your child is residing in an apartment or home with roommates, you can still protect your child’s belongings in the home, regardless if the other renters in the home do not carry renter’s insurance. However, don’t expect your renter’s insurance to cover any of the other roommate’s belongings, as it is up to them or their parents to purchase their own renter’s insurance policies.

With the high cost of college and the many associated expenses, it can certainly prove beneficial to pay for renter’s insurance. Costly computers, cell phones, electronics and personal belongings can all add up to thousands of dollars to replace, while a renter’s insurance is typically very reasonably priced.