4 Major Benefits Of Having A Renter’s Insurance For College Students

Hey guys, Jason here, 303 Insurance Brokers. I want to share with you. Another quick insurance tip of the day is back-to-school time. A lot of college kids have gone off to school. They’re living in dorms and living in apartments. They’re living away from home, and it’s super important that these students, and it’s a super wise investment from an insurance perspective to grab renter’s insurance for college students.

Benefits Of Having A Renter’s Insurance For College Students

We’re looking at anywhere from $125 to $200 a year for a renter’s insurance policy. That’s going to cover theft and damage to their personal belongings, $10,000 to $15,000 a coverage there. It’s going to give them money for loss of use. If something happens to the student dorm or their rental, and they can’t live there for a while their liability coverage will pay for them to live in a hotel.

If somebody gets hurt in their dorm room, decides to sue them, or anything like that retros policies (Retrospectively Rated Insurance) are super inexpensive. They typically carry a super low deductible, and it protects a college student.

Renter’s Insurance VS Homeowner’s Insurance 

Especially when you compare it to if they were doing an extension of their parent’s home insurance policy, which would also cover them, but we’re dealing with a much higher deductible, typically, thousand dollars plus versus $500 for a renter’s policy.

You’re dealing with a higher annual premium. So if you have to have a student that puts a claim on their parent’s home insurance policy to cover something that happened off at college we may see a surcharge next year of 20% more. The average home insurance policy is $2,200. $400 to $500 increase. 

Why Renters Insurance For College Student is Worth It

So, we can spend $125 to $200 to give yourself a ton of benefit of having that renter’s insurance for college students when a child goes off to school. So if you have college students or know anyone that doesn’t have a renter’s policy, it’s not too late. We can still get them signed up for one. Reach out to me at 303 506 2755 Or reach out to me at jason@my303insurance.com. Have a great day.