As new and returning students head to college this fall, there’s a host of priorities to tackle. Whether moving into a dorm or an off-campus apartment, one of those important tasks is preparing for the unexpected. This is where renters insurance can offer financial peace of mind. Some college students (and parents) may think they don’t need coverage. Here is a helpful guide on why it pays to secure a reliable policy.

Why College Students Need Renters Insurance

Covers Personal Property

Think about the number of valuable items your student packed up for college. From laptops and flat screens to cell phones and jewelry, their total worth can go well into the thousand-dollar range. If their personal property is stolen, lost or damaged, renters insurance will pay for the repair or replacement costs.

Provides Liability Protection

If a friend is injured while in the off-campus apartment, renters insurance will pay for their medical expenses. Instead of having to pay out-of-pocket for treatment, your insurance provider picks up the tab. Keep in mind liability protection does not include coverage for injuries your child sustains while in the rental property.

Offers Temporary Living Expenses

Unfortunately, fires and other mishaps occur at college that can prevent occupants from living in their residences. Renters insurance will pay for temporary lodging at a hotel while the dwelling is being repaired. Depending on the policy, expenses for meals, parking, and other related expenses may also be covered.

Parents’ Homeowners Insurance Restrictions

In general, if the student lives in the dorm, and the parents have homeowners insurance, they are covered if the student is listed as a beneficiary on their policy. However, the coverage amounts may be capped at a certain percentage. If your college student lives in an off-campus apartment or other leased space, they will need renters insurance in their name.

David R Johnson Insurance Agency Inc. in Beech Grove, IN understands the importance of ensuring your student has financial protection while at college. With more than 30 years of industry experience, the State Farm® insurance agent offers affordable and comprehensive renters insurance tailored to your unique coverage needs. To learn more and receive a free, no-obligation quote, call (317) 782-8858 or request one online.