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Do College Students Need Renters Insurance?

by Anita on March 4, 2020

It’s been a long road, but you’re finally a college student. Congratulations! Now that you have entered adulthood, there are a lot of new decisions you have to consider, from your tuition costs to transportation to your housing situation. When you’re living on your own, your belongings aren’t protected like they were under Mom and Dad’s roof. 

How do you go about rectifying that? By getting renters insurance from Philadelphia’s trusted insurance firm, Freedom Insurance Group. 

What Does Renters Insurance Cover?

Don’t make the mistake of thinking that your landlord is responsible for the damages your belongings sustain while on their property. The property owners probably have landlord insurance, which covers damages to the actual building from unexpected events. However, your furniture, electronics, clothing, appliances, books, or any other personal items you brought when you moved in are not covered under their plan. 

With renters insurance, college students can get three different types of protection from a basic renters insurance policy for a small monthly fee: 

PERSONAL PROPERTY: This coverage protects the value of any personal belongings that are damaged or stolen during a covered event. A covered event is any occurrence that is included in your policy, such as natural disasters or burglary. 

LIABILITY: If you find yourself on the other end of a lawsuit for damages to property or people that occur in your rental, your liability coverage will cover some (or all) of the repair or replacement costs. 

ADDITIONAL LIVING EXPENSES: When you get displaced due to a covered event, this coverage will pay for temporary housing while your rental is being repaired. 

Is Insurance Beneficial to College Students?

As a college student, it’s impossible to live the lifestyle you truly desire. You’re always juggling your finances to cover the cost of housing, books, tuition, meals, entertainment, and other expenses. So how is it beneficial to add another bill to your plate?

Renters insurance is up to your discretion, but it’s always smart to err on the side of caution. With your finances already strung out, it’s more important to protect what you already own than hope for the best. 

Think about it this way: If someone were to break into your rental today and steal every valuable thing you own, how much money would you lose? Probably thousands of dollars. Could you replace everything without it hurting your bank account? Probably not. For a fraction of that price, you could get renters insurance, which is designed to protect your finances when the worst-case-scenario becomes a reality. 

At Freedom Insurance Group, we’re happy to help college students pick the best policy for their needs. In fact, we even offer student discounts on auto insurance for Philadelphia college students who maintain good grades throughout their continuing studies. We do everything we can to ensure college students are not burdened with more bills than necessary. Contact us today to learn more. 

AnitaDo College Students Need Renters Insurance?