Marvin's 3 Reasons Your College Kid Needs a Renters Insurance Policy

Your child got into the college of their dreams, six states and two time zones away from home. Little Skyler found some "buddies" online to share a 5 bedroom place off-campus with. You have prepared yourself and your child for this next important chapter in their life. Still, you have concerns. Sadly, nothing will alleviate every little "what if" in your mind, but there is a way to create a little more peace of mind... Renters Insurance. Yeah, I said it. The combination of Liability, Personal Property protection, and cost effectiveness makes this policy a no-brainer for your child as they are heading off to college!

1) Dude, Your Roommate Pawned Your Dell!

The most well-known portion of a Renters Policy is the coverage for damaged or stolen Personal Property. If Skyler's roommate, or an uninvited guest, steals their laptop, books, or new sneakers, they would have coverage. Of course, a deductible applies.

2) Who Likes to Party? Your Kid Does!

The social aspect of college is a major one! There will always be a party for Skyler to attend or throw. So what happens if something goes terribly wrong at one of these social events and your child is held liable for an accident? If your child has Renters Insurance, they will also have some Liability Coverage. This may be the most important coverage in the whole policy, as many Renters Policies will allow you to get up to $500k in Liability...and it's inexpensive! The Liability coverage will follow the owner wherever they may be... at their place, on the basketball court, or attending an event.

3) "Mom, I Didn't Know My Noodles Would Start a Fire!" 

Did I mention how important Liability coverage is? Let's say little Skyler, in a hurry, accidentally left his ramen cooking on the stove because he was late to Decyphering Meme Meanings 101. He ends up nearly burning the entire house down because nobody else caught the cooking noodles either... Skyler would likely be held liable for rebuilding that home and replacing his roommate's personal items as well. Again, Liability coverage would help mitigate some, if not all of the cost, minus the deductible. Without proper coverage, Skyler's BA Degree in Recreation Theory just got a whole lot more expensive!

BONUS REASON) You Will Not Be on the Hook for Skyler's Accidents!

If your kid lives at home when they are in-between college semesters, then some benefits may extend from your Homeowners policy while they are in college. This is great for coverage purposes, but can be devastating for your Homeowners Insurance if a claim is filed on it! If you have ever filed a claim, you know that it isn't cheap. You will see a large increase in your yearly Premiums for 5 years, not to mention having to pay the deductible up front... Instead, if your child has a Renters Policy, it puts the responsibility on them. Additionally, it sets your child up for early success, since having a Renters Policy will also help your child's insurance score when they are looking at purchasing a home in the future...

Thanks for reading!

Have questions? Contact Marvin Sears - PayneWest Insurance: (208) 770-3192 or [email protected] or simply message me here!