Millions of students head to college campuses each year on a journey to discover their career path. But the things they learn won’t just come from textbooks and lectures. Life experience also plays an important role in their transition to adulthood. Along with milestones like getting a job or moving into their own apartment, there are those less-than-pleasant adult experiences like having to replace stolen or damaged belongings from their dorm, apartment, or vehicle.
“Most of these students don’t think about protecting their belongings with insurance because, until this point, they’ve lived under their parents’ safety net,” says Adam Bakonis, Director, Product Management. “Parents have a million other things running through their heads when their kids leave for college, like whether they’ll go to all of their classes, keep up with their assignments, and act responsibly given their newfound freedom. Talking to their children about insurance needs isn’t necessarily at the top of the list.”
With that in mind, here are a few key home, renters, and auto insurance considerations both students and parents should review before the start of the school year.
What Insurance Do College Students Need?
Not all college students’ needs are equal. Insurance for college students may depend on where they live, whether they bring a car to campus, and what protections already exist under their parents’ policy. For instance, their dorm coverage needs will likely be different than off-campus housing, and if they live at home and commute, they’ll be covered under their parents’ existing insurance. The first step is to review how existing policies apply and then determine where they’ll need extra protection.
Does Homeowners Insurance Cover College Students?
The parents’ homeowners insurance policy typically extends coverage to a college student’s belongings while they’re away at school, depending on the policy terms and the student’s living situation. Many insurers will cover a student on their parents’ homeowners policy if:
- They’re enrolled in an accredited college or university full time
- They’re under the age of 24
The parents’ homeowners insurance will typically cover damaged personal items, damaged school property, and it will provide liability coverage should another student be injured in the student’s dorm room. Personal belongings in their car, such as a backpack, are also protected against theft or damage due to covered perils like collision with a vehicle or fire. Just keep in mind that most homeowners policies will cap off-premises personal property coverage at 10%, so a student may need extra coverage for those items.
What Is a Student Away Endorsement?
A student away endorsement is an optional addition to a parent’s homeowners insurance policy that can provide expanded protection for a college student living away from home. It may help fill coverage gaps for personal belongings and other risks while the student is at school. Eligibility requirements vary by insurer but may depend on the student’s age, enrollment status, living arrangements, and distance from the family home. Here are a few reasons to consider a student away endorsement:
- The student has valuable belongings, such as laptops, electronics, or other expensive items.
- The parents’ standard homeowners policy has limited coverage for property kept away from the insured home.
- The student lives in a dorm or temporary residence and needs additional protection.
- The family wants added peace of mind beyond the coverage already provided by their homeowners policy.
Students who share a rental space with roommates should also review how the policy handles shared belongings, as a separate endorsement or individual policies may be needed for additional protection. If the parents’ homeowners insurance policy doesn’t extend to dorms, renters insurance for college students is a good idea.
How Does Car Insurance Work for College Students?
Existing coverage of car insurance for college students will likely apply, but it may vary based on whether they take a vehicle to school, leave it at home, or attend college out of state. Students who bring a car to campus typically remain on a parent’s policy, but they’ll need to adjust coverage if they attend an out-of-state college to ensure they’re in alignment with local requirements and coverage needs. Even if they choose to leave their car at home their freshman year, it could still be at risk for theft or collision, and they should maintain coverage for occasional use or that semester break. Be sure to ask about good student discounts to save money on car insurance premiums.
College Move-In Insurance Checklist
Before move-in day, both students and parents should review key insurance details, including:
- Current homeowners, renters, or auto policies
- Coverage limits for personal property away from home
- A written inventory or photos of belongings
- Deductibles and liability coverage amounts
- Contact information for insurance providers
- Any insurance cards, car registration, and policy numbers
What Should Parents Review Before College Starts?
Before the school year begins, families should confirm how existing policies apply to the student’s living arrangements and daily activities. It’s also a good time to review vehicle use, update addresses if needed, and speak with an insurance agent to ensure coverage aligns with the student’s situation.
Understanding college student insurance needs before something significant occurs can ultimately end up saving both the parents and student a lot of money down the road. Contact Mercury to discuss your auto, home, and renters insurance needs, or get a fast, free quote.
When Should College Students Get Renters Insurance?
Students living in off-campus housing, such as a rented apartment or house, should consider a renters insurance policy to help protect their belongings and provide liability coverage. Some landlords may require renters insurance for college students as part of the lease agreement, but even when it’s not required, coverage can help protect students from unexpected expenses, including:
Step 1: Personal Property
Reimbursement for belongings damaged or destroyed by covered events, such as fire, theft, or vandalism. This can include items like laptops, furniture, clothing, and school supplies.
Step 2: Liability Protection
Coverage that may help with medical expenses or legal costs if someone is injured in the student’s rental home or apartment.
Step 3: Additional Living Expenses
Help with temporary housing costs if a covered loss makes the rental uninhabitable.
Frequently Asked Questions
Can college roommates share a renters insurance policy?
Some insurers do allow college roommates to share a renters insurance policy, but it’s not usually recommended. Sharing coverage can complicate claims and limit protection, so each roommate may benefit from having their own policy.
Should students review their insurance before studying abroad?
Yes, students should always review their college insurance coverage before studying abroad, as international travel and temporary housing can affect it. They might also need additional car coverage or vehicle arrangements, more coverage for valuables, or travel insurance to ensure adequate protection while overseas.
Does college student insurance cover a student’s stolen laptop?
Yes, typically the parents’ home insurance or the student’s renters insurance will cover a stolen laptop, but it ultimately depends on the policy in place, the cause of loss, and the coverage limits and deductible. For instance, the insurance may cap personal property coverage to 10% if the student lives outside the home, so the student may have to cover the costs out of pocket if they don’t have extra coverage.
Adam Bakonis is a Senior Product Manager for Mercury Insurance, overseeing homeowners and landlord products for California. Bakonis originally joined Mercury as a casualty adjuster and has worked in multiple roles, including claims examiner, property field adjuster, claims project and analytics manager.
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