Is Renters Insurance for College Students Required?

Starting college or university is a significant milestone in life and may be your first time living away from your family. Learning to live on your own comes with its challenges, including the adult task of ensuring you’re protected from financial burden if your personal property is stolen or vandalized or if someone is injured in your dorm room or apartment.

Keep reading to learn more about the benefits of renters insurance for college students, how it works and what it can cost.

On This Page

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  When Do College Students Need Renters Insurance?

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  Do College Students Need Renters Insurance While Living on Campus?

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  Do College Students Need Renters Insurance for Off-Campus Housing?

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  How Much Renters Insurance Does a College Student Need?

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  Is Dorm Insurance Available for College Students?

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  How Much Is Renters Insurance for College Students?

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  How To Get Renters Insurance for College Students

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  FAQs

When Do College Students Need Renters Insurance?

There is generally no law that requires college students to have renters insurance. That said, it is usually required if it is a condition you must fulfill in a leasing contract with a landlord. Even if not required, it’s often worth having, especially if you’re bringing something of value that can be expensive to replace, like a video game console, bike or musical instrument.

In addition, having renters insurance provides college students with personal liability protection. That means you’re covered if you can be held liable for someone else’s property damages or injuries such as if your dog bites a guest’s hand.

Do College Students Need Renters Insurance While Living on Campus?

While most colleges and universities do not require renters insurance, getting coverage when living on campus might still be a good idea. According to data from 2020, approximately five burglaries and robberies were reported per 10,000 full-time-equivalent college students.^[1] With dorm buildings often bustling with other students and their guests, your personal belongings could be at risk if left unattended in common areas or even in your dorm room.

It's important to note that you may already have personal property coverage if your parents have homeowners insurance. However, this coverage often comes with limitations when the property is off-premises. For instance, Farmers Insurance provides up to 10% of the total personal property coverage for off-premises claims.^[2] So, if your parents' policy includes $200,000 in personal property insurance, you would be eligible for up to $20,000 in coverage for a claim while living on campus, after paying the deductible.

Despite this potential coverage, purchasing separate renters insurance can still be a wise decision. By doing so, you can avoid having to file a claim on your parents' policy, which could lead to an increase in their premium.

Do College Students Need Renters Insurance for Off-Campus Housing?

If you’re renting an apartment or room in a house that is unaffiliated with the college, then you may need to buy renters insurance if the landlord requires it. However, if your school facilitates your off-campus housing, such as an off-campus college apartment, you may not be required to purchase it. In this case, some coverage may be available if your parents have homeowners insurance, similar to if you were living in an on-campus dorm room.

How Much Renters Insurance Does a College Student Need?

If you’re buying renters insurance, the amount of coverage you need will depend on what you bring to college with you, as more expensive items may require higher coverage limits to receive the maximum reimbursement. Create an inventory of everything you’re bringing to stay with you at college that you might want to claim, including expensive electronics, jewelry, clothing or appliances. Hold onto the receipts of anything you purchase, such as a mini-fridge, to make the claim process easier.

Keep in mind that by default, you are reimbursed only for the actual cash value of each item, which accounts for depreciation and wear and tear. It is possible to get reimbursed for the item’s full replacement value but it will cost extra.

In addition, some expensive items such as jewelry, may be subject to sublimits. For example, even if you have $30,000 in personal property coverage, you may only be reimbursed for $1,000 for a stolen ring, even if it’s worth more. You may be able to schedule each item through scheduled personal property coverage, typically an optionalrider that can help increase the coverage limits for individual high-value belongings.

Is Dorm Insurance Available for College Students?

Dorm insurance is an alternative to renters insurance, often available for purchase during college enrollment or from a private insurance company. It is a kind of renters insurance for those who live in student housing, offering personal property coverage similar to renters insurance but usually not liability insurance. However, dorm insurance often covers accidental damage to your property, including water damage, which could be a blessing if you get your school laptop or smartphone wet and it becomes unusable.

Dorm insurance is often similar in cost to renters insurance, with premiums potentially costing as little as $160 a year. However, they can have low deductibles, sometimes as little as $25, which may make them worth comparing with standard renters insurance.^[3]

How Much Is Renters Insurance for College Students?

Renters insurance costs $12 per month on average but will vary from state to state. For example, if you choose a college in Wyoming or Alaska, you will typically find the cheapest average rates of around $8 per month. However, if you go to a school located in Mississippi or Louisiana, you might have the highest rates at $21 per month.^[4]

In addition to location, other factors can affect your renters insurance premium including the college, your claims history, coverage limits and deductible.

How To Get Renters Insurance for College Students

Colleges themselves don’t typically offer renters insurance, so you’ll need to shop around to compare quotes, ideally from at least three to five insurance companies. However, remember that you'll have to provide each insurer with details like how much personal property coverage you want and personal information such as your age and claims history. Reaching out to each insurer one at a time can make the process repetitive and tedious.

Fortunately, you can save time by using an insurance marketplace like SmartFinancial. By answering a few questions, we can connect you with a licensed insurance agent who can help you find the best renters insurance for college students. Click here to compare renters insurance quotes at no cost today.