Reasons Why Your College Kid Needs Renters Insurance
Emily Sperry October 09, 2019
Whether your child is new to campus, attending a local community college, or continuing to study away at a university, if you’re wondering whether or not they need renters insurance, the answer is yes. As parents, you always want to protect your children and this is one of the best ways to safeguard them from potential financial loss while they’re getting an advanced education.
Stats and Facts
While many enjoy a carefree lifestyle when they’re away at school, these students are at a high risk of becoming victims of a crime, especially theft. Statistics show that there are millions of burglaries reported annually making up around 25% of all property crimes.
Further analysis shows small colleges and larger universities nationwide are particularly vulnerable. The top ten schools with the most of these crimes committed in the United States include these campuses, with the number of times they were struck shown in parenthesis:
- The University of California in Los Angeles (198)
- Ohio State University (142)
- Benedict College (123)
- Arizona State University (119)
- Florida State University (118)
- University of Alabama—Tuscaloosa (113)
- South Carolina State University (101)
- The State University of New York – Stony Brook (99)
- The University of Washington (98)
- The State University of New York in Buffalo (94)
The number of crimes continues to climb each year. As you can see, while big cities like Los Angeles top the list, Midwestern states like Ohio are also susceptible to these types of property theft. Just because your kid is attending a more rural campus in a smaller town doesn’t mean they’re safer from potential harm.
Importance of Electronics
Given all of today’s technology and the omnipresence of electronic devices, laptops, cellphones, and tablets are vital for a student’s success. They’re also expensive and easy targets for thieves. In the vast majority of cases, they are covered under a renter’s insurance policy and will be quickly replaced with little to no out-of-pocket expenses for the victim. Electronics almost always include those used mostly for entertainment purposes like televisions, sound systems, and other products, but also include everyday tools like phones, tablets, and computers.
If the likelihood of theft has garnered your attention, there’s still more to consider when purchasing this type of important coverage for your child. There are other hazards covered in most policies that include potential loss from:
- Weather-related damage including wind, rainstorms, snow, sleet, hail, etc.
- The often unforgiving effects of fire including smoke damage
- Vandalism and other types of random and senseless crimes
- Liability claims that leave your child “responsible” for injury or property damage.
Another type of coverage that’s often overlooked is a liability claim stemming from someone being injured while at the insured location. Usually only imagined for homeowners, there are still instances where someone is able to file suit against a tenant if they’re found liable. For example, what if your child was hosting a party and things get out of control or there’s an issue involving alcohol? It’s not beyond their legal rights for an insurance company or lawyer to go after you or your child for reimbursement from these types of damages or injuries.
There are also associative types of damage that could occur outside of the scope of your child’s immediate residence. Perhaps a neighboring tenant starts a fire that damages or destroys your child’s stuff. In many cases, this is one of many reasons why rental insurance is an excellent choice for replacing these items.
Coverage for all of these types of losses is available with renter’s insurance. Please contact us today to discuss affordable options to protect your child from these types of devastating losses. Whether they’re living in a dorm, residing in an apartment or another living facility, you can till protect them from harm even when they’re not living at home.