Do students need renters insurance for dorm rooms?

As your child prepares to head off to college and embrace life in the dorms, you want to make sure they're protected. You may have already discussed ways to maintain their personal safety and awareness on campus, but what about their belongings, which may include their expensive schoolbooks, laptop, bicycle, jewelry, or furniture?

Purchasing dorm insurance is one option that can help your child stay protected by replacing their valuables following a theft or other covered loss. Understand the basics as you begin researching policies.

Why choose renters insurance for college students?

Theft and accidents can happen anywhere, including college campuses. As of 2014, there were 27,000 reported criminal incidents on campuses nationwide.¹ Exactly half of those were burglaries.

Even if you know your child will be careful about visitors and keeping items secure, you don't know if their roommates and other residents in the dorms will follow the same safety protocols. These other students may not be as careful about inviting strangers to the dorm room or may accidently leave the stove on and cause a fire.

When you purchase a renters insurance policy that covers your child while they're living in the dorms, your child's possessions will be replaced when a covered loss happens. This insurance provides peace of mind that the costs of the important things they've brought to college will be reimbursed, should the unexpected happen.

Homeowners vs. renters insurance

While your homeowners insurance policy may cover your child if they're away at school, there will usually be a 10% limit on the contents that are protected in your child's dorm. If your policy applies to your personal property for up to $100,000 in covered losses, for example, your child may only be covered for belongings worth up to $10,000.

College renters insurance designed specifically for students' needs, and offered by many colleges and universities, may fill any gaps that may exist in the coverage extended from your homeowners policy. Students will be able to replace their items as quickly as possible, get back on track and focus on their studies.

In addition, dorm insurance policies typically have lower deductibles than home insurance policies. You may prefer to reserve your homeowners policy for making larger claims instead of paying the deductible for smaller claims, such as your child's laptop getting stolen in the dorm. Premiums on dorm insurance may also be lower than those for homeowners insurance.

For more information on policies, rates and coverage limits, contact a Nationwide agent.

[1] https://nces.ed.gov/fastfacts/

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