Do college students need renters insurance?

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Near the bottom of things on college students minds is insurance.

But students who are living off-campus in a rented apartment, condo or house need to think about renters insurance.

Most students living off-campus have thousands of dollars worth of electronics, furniture and other personal belongings which are not covered by your landlord’s insurance.

That means if something valuable is stolen or a fire destroys everything you own, it’s your responsibility to replace it.

While a student who lives on-campus is covered under their parent’s renters or homeowners insurance, those off-campus aren’t eligible to get coverage from mom and dad.

Renters insurance is an inexpensive safety net with the average cost of a policy running less than $200 per year.

If a student is renting off-campus with one or more roommates, they may be able to purchase a policy together and split the cost.

Also, many universities strike deals with insurance companies that allow students to receive discounted rates. Check with your college to see if a relationship exists.