Unlike the previous university year, when most academic institutions moved their classes online or operated in a hybrid system, this fall semester the majority of universities and colleges across the country are welcoming students to in-person courses. This means that young people will have to move out of their parents’ homes and live mostly independently. And for many, this experience will be a first.
Students can choose between living on and off campus. While each option has its pros and cons, both come with their set of challenges. One aspect that should be reviewed by students before they leave for college is the insurance status of the place they will be living in.
For students staying in dorms on campus, the situation is quite simple as their parents’ homeowner insurance policy covers their belongings. So before leaving home, students should make an inventory of their personal items—especially the more expensive pieces such as laptops, phones or tablets—and make sure they are included in the policy.
In case a dorm room is impossible to obtain or it is not the best fit, students will have to rent a place of their own. Whether in a student housing community or other type of off-campus accommodation, choosing a living space that is not on campus requires a bit of extra precaution.
For most students living off campus, the college experience can be very exciting, but they should make sure they take as many extra measures as possible to keep them and their belongings safe. Here are a few examples of common situations where a renters insurance policy can prove to be a great investment:
- Replacing expensive necessary items in case they are stolen or damaged. These are not typically covered by landlords’ insurance, so opting for renters insurance can help take a lot of financial pressure off both students and parents.
- Covering the cost of possible damages to the rented living space. Accidents or thefts can happen to anyone and, under the personal liability protection, the policy can cover repair or replacement costs.
- The policy can also provide for additional living expenses in case an accident forces the student to move out temporarily. Having to leave your living space can be very disruptive, but having the costs incurred covered—such as a hotel room—will make the situation much easier to overcome.
- Second-worst scenario after damaging your own space is causing destruction to a neighbor. The policy can cover the cost of repair of damage caused by an accidental fire or flooding to other residents’ properties.
While not all things can be under control, choosing renters insurance can offer both parents and students a security net during this uncertain semester.
