College is a fun and fast pace time in people’s lives that can sometimes blind individuals to some of the risks they are taking on living on their own. Most college students did not live on their own before coming to college because they were living with their parents. Now that they are out on their own, they may need to find some extra coverage to insure they can avoid unexpected expenses.
The most common source of living accommodations while attending college is renting. This doesn’t come as a surprise seeing that every college student can’t afford to buy their own place. What is not commonly known is that without living in a campus dorm, college students are no longer covered under their parents home owners insurance. If someone is living in a dorm, some policies allow for coverage of personal belongings but this varies policy to policy and only provides partial coverage.
Let’s say that you decide living off campus is what you want to do. You come home late one night and you see that your apartment is on fire. The initial reaction is to panic but it slowly fades because you believe you’re covered under the landlord’s home owner’s policy. Wrong! It is also a common misconception that home owners insurance purchased for the property covers any tenants that are renting. In some cases, there is a small amount of coverage left in place for the property while all other expenses fall in the hands of the tenants. In most cases, all financial responsibility comes back to the renters.
The best part about renters insurance is that it is very affordable but covers so much. It is fast and easy to sign up so get yourself the protection you need!