Why Your College Student Needs Renters Insurance (And You Should Care)
The big picture: Your college student's laptop, clothes, and textbooks could all vanish tomorrow. Are you prepared for that financial hit?
Why it matters: College theft and property damage happen more often than parents think—and most students are walking around completely unprotected.
The Eye-Opening Reality
98% of college students with renters insurance say it's beneficial, according to an Insurify survey. Yet most students still don't have it.
Students living on campus file claims 64% of the time compared to 35% for off-campus students
Most college students (72%) choose renters insurance voluntarily—they're not required to have it
The average cost is roughly $15-25 per month
What Parents Need to Know
The reality check: Your homeowners insurance probably doesn't cover your student's dorm room or apartment belongings. That $2,000 laptop? The $800 textbooks? All on you if something happens.
The most common claims:
Severe weather and water damage
Theft (especially electronics)
Fire damage
Think bigger picture: This isn't just about protecting stuff—it's about teaching financial responsibility. Your student is learning to navigate insurance claims and understand coverage limits? That's a life skill.
The financial reality: One laptop theft or water damage incident could cost you $3,000-5,000. Renters insurance for an entire year? Much, much less.
What's Next
Start the conversation this week. Don't wait until something bad happens to wish you'd had this discussion earlier.
Do your homework together. Companies like GradGuard specialize in student coverage and understand the unique needs of college life.
Make it a learning opportunity. Go through quotes together. Explain deductibles, coverage limits, and liability protection. These concepts will serve them well beyond college.
The bottom line: Nearly everyone who has renters insurance thinks it's worth it. The question isn't whether your student needs it - it's whether you'll help them get protected before they need it.
Source: Statistics cited from Insurify's 2024 survey of 750 U.S. college students with renters insurance policies.
