As college students head off to campus, packing laptops, bikes, gaming consoles, and other valuables, one thing often gets overlooked: renters insurance. While it might not be top of mind during move-in week, renters insurance can be a financial lifesaver in unexpected situations. And there’s more to it than most people realize.

It’s not just about theft

Many assume renters insurance is only useful if something gets stolen. While theft is a common concern—especially in shared housing or dorms—renters insurance covers much more. For example, if a student accidentally starts a fire while cooking or leaves a window open during a storm that damages electronics, renters insurance can help cover the cost of repairs or replacements.

Off-campus housing isn’t always covered by parents’ policies

Some parents believe their homeowners insurance automatically extends to their child’s college housing. That’s only sometimes true. Coverage often depends on whether the student lives on-campus or off-campus, and whether they’re still considered a dependent. In many cases, once a student moves into an apartment or rental house, they need their own renters insurance policy to be fully protected.

Liability coverage can be a game-changer

Renters insurance doesn’t just protect belongings—it also includes liability coverage. If a student accidentally injures someone or damages someone else’s property, liability coverage can help pay for legal fees or medical bills. Imagine a scenario where a student hosts a party and someone gets hurt, or a friend trips over a loose rug and breaks a wrist. Without renters insurance, those costs could fall directly on the student or their family.

It’s surprisingly affordable

One of the biggest misconceptions is that renters insurance is expensive. In reality, most policies cost between $10 and $20 per month, according to sources like Forbes Advisor and MoneyGeek. That’s less than the price of a streaming subscription and can provide thousands of dollars in coverage. For students on a budget, it’s a smart investment that offers peace of mind.

Coverage can extend beyond the apartment

Did you know renters insurance can cover items stolen from a student’s car or backpack—even if the theft happens away from home? This is especially useful for students who carry laptops or other valuables around campus. If a bike is stolen from a rack outside the library, or a phone is swiped from a backpack, renters insurance may help replace those items.

Roommates aren’t automatically covered

If a student shares an apartment with roommates, each person needs their own renters insurance policy. One policy doesn’t cover everyone in the unit. This is important to clarify before signing a lease, especially if roommates assume they’re covered under someone else’s plan.

It can help with temporary housing costs

If a student’s rental becomes uninhabitable due to a covered event—like a fire or flood—renters insurance can help pay for temporary housing. This coverage, known as “loss of use,” ensures students aren’t left scrambling for a place to stay while repairs are made.

It’s easy to set up

Most renters insurance policies can be purchased online in minutes. Students (or their parents) can choose coverage limits based on the value of their belongings and adjust deductibles to fit their budget. Many insurers offer bundling discounts if renters insurance is added to an existing auto policy.

Do you have questions about insurance for a college student in your life? AAA Insurance has the answers. Contact a AAA Insurance advisor today!

GET A QUOTE