A college student may need renters insurance coverage if:

• They live in a house or apartment outside the campus
• They aren’t covered by their parents’ renters or homeowners insurance
• They are no longer eligible to be covered by their parents' policy
• They require more coverage than what their parents’ policy provides (generally, a college student can receive up to 10% of coverage from their parents’ policy)

Living in a shared space with your college mates makes you vulnerable to various risks. These include:

• theft or vandalization of your personal property
• loss or damage to weather-related incidents.

A renters insurance policy covers you against:

• Personal Property Damage – Covers the loss or damage to your personal property resulting from fire, windstorm, theft, explosion, falling objects, hail, water, steam, vandalism, riots, etc.
• Personal Liability – Covers liability claims and lawsuits resulting from third-party injuries and property damage that occurs on your premises or by your fault or negligence.
• Loss of Use – Covers additional living expenses or temporary housing costs if your rental home becomes uninhabitable due to a covered loss.

Generally, renters insurance settle claims in two ways:

• Replacement Cost Coverage – Covers the total replacement cost of the lost or damaged personal property.
• Actual Cash Value Coverage – Provides cost to replace the lost or damaged item, deducting its depreciation value.

Depending on your specific requirements, you can decide how your renters insurance will reimburse you in the event of loss or damage.

You can either buy renters insurance online or in person by visiting the potential insurer. You can compare quotes from several providers and settle on one that best suits your needs and budget.

The cost of renters insurance for college students will vary based on:

• Coverage requirements- The greater the coverage requirement, the more you will have to pay for it
• Deductibles (what you pay out-of-pocket)- The higher your deductibles, the lower your insurance cost
• Your credit score- Better scores attract lower premiums and vice versa
• The safety of your community- Living in a high-risk zone will increase your premiums considerably

On average, a renters insurance policy may cost anywhere between $15 to $30 per month. Buying renters insurance is a great option if you want to protect your high-priced assets despite the location.