Your independent agent can help you navigate all the questions and options to ensure you have the information necessary to make the right decision.
If possessions and personal liability are not going to be fully covered by your homeowners policy, you will need to weigh the cost of renters insurance against the benefits.
According to the National Center for Education Statistics, a government agency tracking higher education trends, out of 27,300 reported crimes in 2019, 33% were on-campus burglaries.
Most basic renters policies are fairly inexpensive, so it may be hard to imagine the yearly cost of renters insurance being higher than a potential theft or loss. Consider the following:
- Though renters insurance premiums vary by state, the National Association of Insurance Commissioners estimated the average yearly cost in 2019 to be $174 (or $14.50 per month).
- The contents of a dorm room or college apartment, such as computers, textbooks, bicycles, earbuds, clothes and other common items can be easily valued in the thousands of dollars.
- Business Insider noted renters insurance can also protect you from personal liability if someone is injured in an off-campus rental.
At the end of the day, you might want to reach out to a professional to figure out if renters insurance is right for you and your student.
Contact your independent agent today to rethink your insurance.