Do College Students Need Renters Insurance?
One of the things we do not think about enough when we send our kids to college is the atmosphere in which they are placed. Of course, we all know the problems they will enter and we will certainly worry about the consequences (since we know they will not), but how safe is their living space compared to to those who would? it hurts? Do they have safeguards in place in case of fire or theft or anything else on a long list of things that could go wrong in a collegiate environment? The answer might surprise you. The dormitory itself will probably not provide protection to your children.
First, know the statistics: About 100,000 students, about 800 will report a global flight. It's an average. If your student is enrolled at the University of California at San Francisco, then the rate will rise to over 13,000 per 100,000 of his students, but that figure is high. If your student is enrolled in another college, the rate could be much smaller.
Most students who report a crime at the university report stealing. Stolen property represents 41% of all claims. Another 12 percent of lost goods are taken by a power outage, while 12 percent are destroyed by water. 6% of lost goods disappear mysteriously. It's a college after all.
It is also worth mentioning that only reported flights. Your children may not want to report wrongdoing on campus for a number of reasons. Let's say they smoke marijuana in a dorm – they may not want to see a police visit. If they keep the kitten in the dormitory against college politics, then no one will walk through that door without introducing it (yet). Again, if your children do not even know that their valuables are protected by renters insurance, they will be less likely to report a crime.
That's why you might want to consider making sure your child is insured during his or her studies. If you decide to make sure, however, be sure to talk to them about it. Otherwise, it might not even matter.
You will also be happy to know that even in middle school your child might already be covered by your own homeowner or renter insurance policy. Your police might cover a child living on campus, but there is a good chance that it does not cover a child living off campus. If your child has his own place, he will probably need a separate policy. Make sure to check. Insurance agencies are only willing to extend coverage surprisingly: most people are less likely to ask for insurance if a student lives on campus.
You should also consider the value of everything your child brings to college. Computers, media, money, jewelry, clothes, etc. This may not seem like much when you pack it in the car every semester, but the monetary value of these things can accumulate surprisingly quickly. Is a tenant insurance policy worth the extra cost? It could be. If you are not sure, you can always research the statistics specific to your child's school and make the decision for yourself.