Students uninsured and renting

Students are unlikely to purchase renters’ insurance or even know it exists.

Years of accumulating electronics, jewelry and clothes give students a substantial inventory and a strong case to invest in renters’ insurance. Students often underestimate the value of what they own while they overestimate the cost of renters insurance. The policy could cost some students no extra money.

Many times, students are insured under their parents’ policy without even having knowledge of this. If your parents own homes and have homeowner’s insurance, your belongings are covered, at least to an extent. Students who are considered dependants under their parents can be covered by their parents’ policy. Possessions might be more than what the policy covers, and even if it does not cover a whole lot, there is still some security.

For students who own cars, there are usually discounts for individuals with multiple policies. Very often, the cost of renters’ insurance is so low that the discount covers the entire cost of renters’ insurance.

Insurance is often taboo for renters, as if disasters are only specific to homeowners. Landlords only insure the building itself; your possessions are your responsibility.

The bottom line is that there is no reason not to ask. Students should not be naïve about how much they own, many underestimate the value of what they own until it’s gone. Students should keep a list of the items they own, plus the date of purchase and cost of the item.

Understandably, there are some things that are irreplaceable. However, many expensive and everyday tools that college students use can be replaced.

Students are in a transition phase of their lives, leaving the comfort of adolescence and entering the reality of adulthood. Students should not push off legitimate concerns.