College students are bombarded with responsibility, the second they leave for school. No longer living under a parents’ roof, without the hand-holding guidance of high school is a shock. Nevertheless, there are certain aspects of adulting that college students, in dorms or otherwise, need to think about. One of those extremely crucial, but often underrated aspects is renters’ insurance.
Depending on the living situation a student finds themselves in, they may or may not be required to provide insurance. Being that budgets for college students are tight, foregoing it if it is not required might seem like a relief. However, renters’ insurance is crucial for students and here is why:
Coverage for Belongings
It is amazing how much stuff can be acquired in a short period of time. Decorating an apartment or dorm is a lot of fun. However, if something happens, there is a possibility everything you own will be gone in an instant. Accidents happen and having insurance covers theft, fire, flood, or other damage. With an insurance policy, the essentials needed for school, work, and living on your own will remain protected.
Coverage for Home
The house, apartment, or dorm itself is also covered. Therefore, with insurance, the insured will not be left with the astronomical price of replacing a damaged home. That is far too much for any college student to have to worry about. After all, living on your own is difficult. You never know when something that is out of your control will take everything away.
Coverage for Others
Liability is another essential part of renters’ insurance. Perhaps something happens to someone else’s things and it is found out that it is your fault. It is hard to imagine the stress of a college student having to replace their own items. The thought of having to pay for someone else’s misfortune is completely nerve-wracking.
Thankfully, renters’ insurance policies also cover liability.
In summation, renter’s insurance gives peace of mind to students. While a plan only costs around fifteen to twenty dollars per month, it is also extremely affordable. Plus, it is a great way to help students get in the habit of protecting themselves in the future.