Many young people who graduated from high school this past spring will be moving out of their parent’s home, college-bound. Some will be living on campus while others may choose to rent off campus.
Over 70% of young people living on their own do not have any renters insurance (though not necessarily students) and often do not know that they don’t have any coverage. Many think they have coverage from their landlord’s policy. Some think they are covered on their parent’s policy. Neither being the case. Others think it is too expensive or they think they don’t have enough valuable possessions to insure.
The typical college burglary today is $2100, which makes a renter’s policy a protection option worth considering. With a renters insurance policy, college students can add ID theft to their policy for a small fee and insure their laptops, smartphones and electronic devices for ‘open perils’ with no territory, no or low deductible and replacement cost—all for an average of $185 per year.
Talk to your graduates about their risks and a renter’s policy. It’s more affordable than they may think and can provide everyone with more peace of mind as they embark on their college journey.