Does your child need renters insurance for college?

As a parent, you want your children protected, whether they're living under your roof or not. But navigating the transition from life at home feels tricky for some college students and parents.

Many parents ask whether their child needs renters insurance for college.

The decision to buy renters insurance can seem unclear. Landlords may demand a renters policy as part of the lease. But what if the students live in a college dorm or just rent a room in a house? Do they need their own policy? Do they have enough insurance through a parent's homeowners or renters policy?

To help your child make the best decision, you need to know the options available. Here's what you should know before talking to your student about renters insurance for college.

College dorm renters insurance

If students live on campus in housing such as a dormitory or residence hall, they may not need a college renters insurance policy if they still legally reside in their parent's home. That's because they may still have coverage under their homeowners or renters policy through “off-premises” coverage.

This protects their stuff where they live temporarily, such as a dorm. Homeowners and renters insurance normally include this as a standard.

But your college students' stuff gets a lot less protection while at college. Insurance often limits claims to 10%. In other words, if parents' insurance covers personal stuff for $50,000, then students would get up to $5,000 for their things. That includes clothes, laptop and those expensive textbooks.

Do college students need their own renters insurance policy while living on-campus?

Even if your insurance offers off-premises coverage, a renters policy can still help college students living in a dorm. Here are a few reasons that might make sense for your child to carry their own renters insurance:

• They declared independent status. If students declared independence to qualify for a student loan or other benefit, this may disqualify them from coverage under their parents' insurance policy.
• They have valuable belongings. If students own cameras, sporting equipment or musical instruments, then parents' insurance may not pay enough to replace these things. If your college student can't do without these things, then consider renters insurance plus Valuable Personal Property (VPP) insurance.
• They need extra protection for their electronics. For college students, these things are essential: laptops, smartphones, gaming consoles and even drones. They're also easy to lose or damage in accidents like drops and spills. To get coverage with a low deductible, consider a renters policy with a tech package.
• You want them to be financially responsible. Relying on a parent's insurance can work, but college renters insurance is an effective way to help students become more independent. It costs less than homeowners, and it offers lower deductibles. This means students can get what they need for less.

Finally, you and your child should decide together about college dorm insurance. Taking the time to discuss needs, expectations and options can help you make a choice you both feel great about.

College student apartment renters insurance

For students living in an apartment, a parent's insurance plan may not be an option. Many parents' policies don't include students living off campus.

College students living in an apartment should purchase their own renters insurance policy, even if it's not required by their landlord. There are a few reasons for this.

First, for students renting an apartment, they probably have more stuff than they would if renting a dorm room. The landlord's insurance excludes a renter's things. The landlord gets losses covered for fire, theft or other problems, but the renters get help only if they have their own renters insurance.

Second, accidents and injuries may cost a lot. Liability protection should be another concern for students. With renters insurance, they may get coverage for injuries that happen in their apartment or damage they may cause to another person's property.

Finally, a renters policy may help them save money. Living off-campus often means more driving for college students. So, for students who drive at school, they may get a discount when they bundle auto insurance with their renters policy.

Insurance for students renting a house

What if students opt to rent a house or a bedroom in a house? Many risks are still the same as any other living situation such as fire, weather, earthquake and theft. So getting a renters policy is still a smart choice for college students renting a house.

That said, one factor may influence students' insurance choices if they're the primary tenant on a lease and sublet to roommates. Since the lease shows their name as primary, they could be held legally responsible for injuries that occur to anyone on the property. This includes a roommate or roommate's guest.

To be sure your child has the right coverage, discuss their needs with your insurance provider.

What if my child lives in a fraternity or sorority house?

Participating in Greek life can be a huge part of the college experience. But do students still need renters insurance if they're living in a fraternity or sorority house?

Given the fact that fraternities and sororities are often known for hosting big events, many offer liability coverage. However, like any insurance policy, it doesn't cover everything. This means students may not be protected for all situations.

Beyond that, living in a fraternity or sorority house is much like renting an apartment or house. To get better liability protection, as well as coverage for their stuff, get renters insurance for a college student.