What Is Renters Insurance?

Though renters insurance is typically considered one policy, this policy is usually made up of several different types of insurance coverage that protect a student who is living in a student apartment. If you are living in off-campus student housing, you shoulder definitely consider purchasing renters insurance to protect yourself and your belongings.

What does renters insurance cover?

Renters insurance may cover a variety of different things for different situations. Each policy differs from one insurance carrier to the next, so be sure to price multiple policies and compare and contrast the coverages.

Personal Property Coverage

Personal property includes all of the belongings inside student apartments. Each person’s policy covers their own personal property. These items include your furniture, appliances (if not furnished by the building), clothing, electronics, and more. There are limits on the amount the policy will cover, so if you have more expensive electronics or fine jewelry, you might consider adding additional coverage. You can discuss your options with your insurance agent. They can also walk you through the process to determine how much personal property coverage you need overall. If your items are stolen or damaged under certain conditions (which will be outlined in your policy), your insurance will cover the cost to replace these items.

Make sure you complete an inventory of your belongings as soon as you move in to your new apartment. Don’t forget to include pictures, too. This documentation will make it much easier to file a claim if it’s necessary later on.

Liability Coverage

If a friend or neighbor is injured in your apartment or you somehow cause damage to another student’s apartment or belongings, you may be considered liable. In this case, you would be required to pay financial compensation to the other person. Liability insurance coverage protects you financially in this situation. There are limits to liability coverage, but your insurance agent can help you determine how much coverage you need.

Living Expenses

Renters insurance may also cover your living expenses in case anything happens to your actual apartment. While it’s unlikely, sometimes student apartments are damaged by fire, tornadoes, or other events. In these situations, you will need somewhere to live and will likely incur additional living expenses. Many renters policies have additional coverages that can help.


As with most other types of insurance, renters insurance typically has deductibles. As your deductible rises, your policy cost should decrease. Still, you don’t want to choose a deductible that is too much when you need to file a claim. When you’re purchasing renters insurance, you will need to consider every aspect of your finances before you make a final decision.

Student living can be expensive, and some students choose to avoid purchasing renters insurance. That can be a huge mistake financially, however. Renters insurance is usually not very expensive, and it offers coverage when a catastrophe strikes. If you’re moving to an off-campus apartment, you should consider purchasing renters insurance and shop around for the best deal possible.