By Lorie Ham
It is that time of year again when kids are back in school. If your child is in college, it’s possible they haven’t left just yet, or they could have been gone over a month already. As parents, we try to make sure our kids have everything they need to be safe and healthy, but do you know if your child has the insurance they need while away at college? Back in 2021, we shared an article that talked about that to some degree, but this month we decided to take a deeper dive into renters’ insurance for college students and talked to Marcus Mahling, Regional Sales Manager for Mennonite Aid Plan/Mennonite Insurance Services, to learn more.
Q: Why does a college student need renters’ insurance?
Marcus: College students need renters’ insurance because it provides financial protection against theft, fire, water damage, and other potential risks that could lead to costly out-of-pocket expenses and damages.
Q: Do they need it even if they live in a dorm?
Marcus: Yes, renters’ insurance is needed even if your student lives in the dorms. Many students believe the school or dormitory would be liable to replace personal items if there ever were a fire or disaster, but unfortunately, that is not true.
Q: What is the most important reason for a college student to get a renters’ policy?
Marcus: Protection! Protection! Protection! Computers, game systems, furniture, home goods, clothing, and accessories can be very expensive, especially if you have to buy everything brand new all at one time. Not only does renters’ insurance protect your property in your home, but there is also coverage for your personal property that you take with you. Renters’ insurance is an inexpensive way to protect what means the most to a college student, their stuff.
Q: Does a renters’ policy provide coverages that college students might not consider?
Marcus: Renters insurance has quite broad coverage. Other than protecting your personal property, renters’ insurance provides ALE or Additional Living Expense coverage if you ever had to evacuate or were displaced from your apartment or dorm due to a fire or disaster. It also provides liability coverage and guest medical coverage if you’re responsible for damages or injuries of others. Renters’ insurance is an inexpensive way to protect yourself, your property, and your guests.
Q: How do you answer, “Won’t my parent’s policy cover me?”
Marcus: In some cases, mom and dad’s homeowner’s policy may provide coverage for the student’s personal property while they are living in a dorm as long as the student’s primary address is still the parent’s home address, and they come home during breaks and vacations. If the student is over the age of 25, has changed their address, moved out of state, or has no intention of moving back home, they should get their own policy. One thing to keep in mind is that homeowner’s insurance is starting to get very expensive and many carriers are tightening up on claims. I always strongly suggest not putting your homeowner’s insurance at risk, and purchase a stand-alone policy that fully covers your student.
Q: If I don’t live in a dorm, can my landlord force me to get renters’ insurance?
Marcus: Yes, much of the time landlords do require tenants to have renters’ insurance. Landlords will often require that they be named on your renters’ policy as an additional insured, just in case you damage their property.
Q: What specifically does renters’ insurance cover?
Marcus: Renters’ insurance covers the policy owner and those named on the policy. Some policies will allow roommates to buy a policy as a group, but the majority of the time each roommate will need to purchase their own policy. Renters’ insurance specifically covers personal property, personal liability, additional living expenses, and guest medical.
Q: Does the student themself have to pay it or can it be added on to their parent’s policy?
Marcus: Parents normally understand the benefits of insurance and tend to purchase renters’ insurance for their students, especially if they are covering the cost of furniture, clothing, and electronics. Parents are allowed to pay for renters insurance for their student, but the student would be the named insured on the policy. Policies cannot be combined with other policies, but if you have multiple policies with one company, you can combine your monthly payments.
Q: Is there anything else we should know?
Marcus: I want to leave you with a quick story. I tend to travel quite a bit with my job and I happened to meet a family while I was having breakfast at a hotel a few months back. It was 6:45 in the morning, and this family who were all dressed in matching pajamas came bebopping in, with mom instructing the kids they needed to hurry up and eat so they could get ready for school. I started a conversation with Mom and asked if they were here visiting a school… Me and my big mouth! She said no, unfortunately, and proceeded to tell me a horrific story of someone who lost control of their car, drove through their apartment, catching it on fire, and destroying three other apartments in the process. With tears in her eyes, she told me thankfully no one was hurt but four families lost everything. She mentioned they were the only ones who had insurance and what a blessing it was for their family. They were able to buy new clothes, hence the sweet matching pajamas, replace some of their items for now, and stay in the hotel for a few weeks until they got a new apartment. I just remember her saying over and over, “How truly blessed they were.”
Hopefully, you will never have to experience what this family went through, but having proper coverage to protect your student or family makes all the difference in the world. Don’t chance it when you rent, protect yourself and your belongings with renters’ insurance.
If you would like to know more about renters’ insurance, for yourself or your student, Mennonite Insurance/Mennonite Aid would be happy to answer any of your questions at (559) 638-2327.
