College Life: Do I need Insurance for My Apartment or Dorm?

The college years introduce a time of adjustment to a young person's life. If the college student decides to move away from home to live in an apartment or dorm, the change can feel drastic. Depending on the living situation there may be no curfews, the student may have a roommate for the first time ever and there may be no one around to ensure the safety of the students, their guests or their property.

Renter’s Insurance and Your Property

A renter's insurance policy is a must have for any college student moving out of their parents’ home. The renter's insurance policy can protect the student from a loss of his or her property including furniture, linens, clothes, shoes, musical and sports equipment, and computers. Losses covered may vary depending on the policy but generally a student can expect loss or damage through theft, vandalism, fire, and hurricane to be included. If a student has a roommate, their insurance policy may cover their roommate’s property however, it’s often a better idea to have separate policy so that each roommate can control both premium payments and claims for themselves.

Renter’s Insurance and Liability

The insurance policy also protects the student against liability claims should a visitor to their apartment or dorm room be injured. Some colleges may already cover the liability aspect for their resident students. In an apartment, however, liabilities may not be covered unless they happen in the common areas or occur due to the landlord’s negligence.

Applying for Renter’s Insurance

When applying for renter's insurance for a student’s dorm or apartment, the proposed insured will be asked to select a deductible. This is the amount they must pay out of their own pocket when a claim occurs. It can be tempting to choose a high deductible that will reduce overall premiums but it’s often very difficult for college students to come up with the money to pay high deductibles for both their renter’s insurance and auto insurance coverage.

If you’re a college student or parent of a student heading off to college this fall, stop by All About Insurance today or give us a call to discuss the Dallas insurance options available to you.