Should i get renters insurance college

If your roommate has a renters insurance policy, you won't be able to benefit from it unless your name is on it as well. Although you technically aren't required to buy renters insurance if your landlord doesn't ask you to, MoneyGeek recommends purchasing a policy with high enough limits to cover the value of your personal property. It will cost some money every month, but it will pay off if your school supplies and other personal property are stolen or destroyed.

If you opt to live in on-campus housing, dorm renters insurance isn't necessarily required. In most cases, your family's homeowners insurance plan will cover your possessions, including computers, electronics and clothes. However, how much coverage you have is limited by the outside-of-home coverage limit.

Suppose your family doesn't have personal property coverage as part of their home insurance policy or don't hold a home or renters insurance plan. In that case, we recommend you purchase dorm renters insurance to cover your possessions. A personal property plan can replace your computers, school equipment, other electronics or clothes in the event of a fire, water main damage or theft. When it's time for college students to start shopping for renters insurance, the most important number to keep in mind is your personal property coverage limits.

College students buying renters insurance should select enough personal property coverage to cover the value of your possessions.

This will ensure your renters insurance policy will replace your school supplies in the event of a loss. To find out how much personal property coverage you need, add up the replacement cost of everything you bring to school. This should include your clothes, cell phone, electronics including TVs and gaming consoles , computers and books. If you need special equipment for some classes, like calculators, be sure to include those.

In the end, you may have more than you realize. You should keep certain tradeoffs in mind when deciding how much renters insurance policy in college:. Understand how much renters insurance you need. We recommend buying enough to cover the value of your personal property. Be sure to get multiple renters insurance quotes from different companies once you settle on your coverage limits. Before you move into your college housing, be sure to carefully consider what you are bringing with you.

Expensive items, like high-end gaming computers and jewelry, may not necessarily be fully covered by a standard renters insurance policy. Before you decide on a plan, understand what property is specifically covered and what items are excluded. Some belongings may be safer left at home.

Do you have questions about renters insurance for college students? These are some of the most frequently asked questions with answers to help you make sense of renters insurance and find the right policy for your needs. MoneyGeek researched the top insurance companies and found that Allstate has the best cheap renters insurance for college students. Like car insurance , renters insurance can vary a lot by state.

Where you live will play a big role in your quote and each company will consider that differently. You'll want to shop around and get quotes from several different insurers. Compare the quotes, and look for the most coverage types and limits.

Then, look for the lowest premiums that fit your budget. See Insider's picks for best renters insurance companies. Disclosure: This post may highlight financial products and services that can help you make smarter decisions with your money.

We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners.

This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

For you. World globe An icon of the world globe, indicating different international options. Get the Insider App. Click here to learn more. A leading-edge research firm focused on digital transformation. Good Subscriber Account active since Shortcuts. Account icon An icon in the shape of a person's head and shoulders. It often indicates a user profile. Log out.

More Button Icon Circle with three vertical dots. It indicates a way to see more nav menu items inside the site menu by triggering the side menu to open and close. Credit Cards Credit card reviews. Best credit cards Best rewards credit cards. Best cash back credit cards. Best airline credit cards. Best small business credit cards. Best balance transfer cards. Best student credit cards. Best starter credit cards. The best online brokerages for beginners.

The best investment apps. The best stock trading apps. Best robo advisors. Average stock market return. Car insurance. Life insurance. Best cheap car insurance. Best life insurance companies. Best homeowners insurance.

The best renters insurance. Average cost of car insurance. Average cost of life insurance. Average cost of home insurance. How to shop for car insurance. Best savings accounts. Best checking accounts. Best CD rates. Best money-market accounts. Best high-yield savings accounts. Best bank account bonuses. Best online bank. American Express Savings review. Average bank interest rates. Average k balance. How to retire early. How to open an IRA.

IRA CD rates. Best ways to save for retirement. Best mortgage lenders. Best mortgage refinance lenders. Students who live on campus typically don't have to worry about renters insurance: Their parents' homeowner's policy should cover the loss or damage of most items as long as the policy includes so-called 'off-premise coverage.

However, once you move off-campus and start paying rent, you are no longer covered by mom and dad's policy if there is a fire or someone breaks into the place, said Laura Adams, senior insurance analyst at InsuranceQuotes. And you shouldn't expect the landlord to cover anything either. Related: Cutting the accelerating cost of car insurance. Also, if one roommate has a renters insurance policy, don't expect it to cover all of your stuff, too. Most rental insurance policies only cover the belongings of the policyholder.

Roommates can purchase a policy together if they'd like, though, said Adams. So what does renters insurance cover? There are three basic types of protection: personal possessions, liability and additional living expenses.