Renter's Insurance for College Dorm

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sunshine18
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Renter's Insurance for College Dorm

Post by sunshine18 » Fri Jun 08, 2018 12:46 pm

When registering for my dorm, my college recommended Renter's Insurance, it runs about $15 dollars a month. Is it worth it?

bloom2708
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Re: Renter's Insurance for College Dorm

Post by bloom2708 » Fri Jun 08, 2018 3:15 pm

Yes. It is worth it. It covers your personal property and give you an amount of liability coverage should there be an accident or something in your room.

Good money for $15 to $50 or whatever the fee is.
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EagertoLearnMore
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Re: Renter's Insurance for College Dorm

Post by EagertoLearnMore » Fri Jun 08, 2018 3:46 pm

Check with your homeowner's insurance as well. Back in the day I called and asked about coverage for a musical instrument while student lived in a dorm and it was covered. I also got a discount on the auto insurance as the student only used the family car when home on breaks. Everything changes, but worth inquiring to save a little money.

BobTexas
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Re: Renter's Insurance for College Dorm

Post by BobTexas » Fri Jun 08, 2018 3:55 pm

What do you have that you would insure? Read the fine print to see what it covers. Most college students don't have anything except a laptop that would be worth insuring. Would it replace it if it was stolen at the library? If you spilled a Starbucks on the keyboard? Consider self-insuring

Rupert
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Re: Renter's Insurance for College Dorm

Post by Rupert » Fri Jun 08, 2018 3:58 pm

Yes, worth it if not covered by your HO policy. I worked for a brief period as a resident advisor in a college dorm. You wouldn't believe how many forbidden hot plates, candles, George Foreman grills, etc., I found during inspections. One kid even set his room on fire barbecuing -- on a gas grill :oops: -- in his room.

PVW
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Re: Renter's Insurance for College Dorm

Post by PVW » Fri Jun 08, 2018 4:01 pm

Liability claims would probably be taken up with the university. So I wouldn't purchase liability coverage.

If you have valuable personal belongings that you cannot afford to lose, then it might be worthwhile, but know what you are getting with renter's insurance. Most insurance will pay you for the value of the items that are lost or damaged, and used clothing and electronics are often worth much less than what you paid for them. Replacement cost policies will pay for the cost of replacement. Know what constitutes a loss/damage - usually insurance will pay for accidents and theft, but not lost or misplaced items or accidental damage such as liquids spilled on a laptop.

I never had anything in my dorm room that was worth insuring.

bob60014
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Re: Renter's Insurance for College Dorm

Post by bob60014 » Fri Jun 08, 2018 4:07 pm

Not needed. Read the documents for exclusions, deductible etc. Usually the most expensive thing nowadays is the laptop which the H.O. insurance or credit card may cover.

megabad
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Re: Renter's Insurance for College Dorm

Post by megabad » Fri Jun 08, 2018 4:26 pm

bob60014 wrote:
Fri Jun 08, 2018 4:07 pm
Not needed.
Agree. In my opinion, renters insurance is primarily to protect against landlord or neighbor suing you in case of your negligence. I would doubt that a reputable college would sue its own students, and other students will have little to sue over if their limited possessions are lost. Only reasons I would get it are:
1) Required by college/landlord
2) Dorms privately owned (not college owned)
3) Dorms were shoddily built (ie. stick built with no fire protection or sprinklers), but most are built with concrete, steel, and cinder block with sprinklers in my experience.

chevca
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Re: Renter's Insurance for College Dorm

Post by chevca » Fri Jun 08, 2018 4:32 pm

I don't see a need for it.

Well before laptop days for me. But, the thing I would have wanted to insure most in my dorm room would've been the mini fridge that held the beer. :happy

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macaroon
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Re: Renter's Insurance for College Dorm

Post by macaroon » Fri Jun 08, 2018 7:55 pm

Both of my sons had policies through collegestudentinsurance.com (CSI - now Gallagher). NSSI is another company that offers student property insurance. These aren't normal renter's insurance policies but rather specialized policies for students. The advantage over homeowners insurance is the low deductible and the fact that homeowners doesn't cover accidental damage but these student policies do. My homeowners deductible is $2000 but the CSI deductible is just $25. They cover the student's possessions in a dorm or in an off-campus apartment. They even cover them if the student is studying abroad. Here's an FAQ from Gallagher -https://www.collegestudentinsurance.com/faq.

One of my sons made claims twice during his time in college - once for a broken smartphone and once for a stolen laptop. I think I paid around $120 a year for the coverage. They were very easy to deal with in the claims process. They also offer liability coverage if needed. College kids can be pretty irresponsible with their possessions and theft can be a problem in dorms, libraries, etc. I think this type of policy is a bargain considering what it costs to replace today's electronics.

livesoft
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Re: Renter's Insurance for College Dorm

Post by livesoft » Fri Jun 08, 2018 8:02 pm

The renter's insurance deductible woluld let one claim a stolen bike I think, but my homeowner's deductible is so high it would not make sense to claim a stolen bike.
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GreenGrowTheDollars
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Re: Renter's Insurance for College Dorm

Post by GreenGrowTheDollars » Fri Jun 08, 2018 9:55 pm

macaroon wrote:
Fri Jun 08, 2018 7:55 pm
Both of my sons had policies through collegestudentinsurance.com (CSI - now Gallagher). NSSI is another company that offers student property insurance. These aren't normal renter's insurance policies but rather specialized policies for students. The advantage over homeowners insurance is the low deductible and the fact that homeowners doesn't cover accidental damage but these student policies do. My homeowners deductible is $2000 but the CSI deductible is just $25. They cover the student's possessions in a dorm or in an off-campus apartment. They even cover them if the student is studying abroad. Here's an FAQ from Gallagher -https://www.collegestudentinsurance.com/faq.

One of my sons made claims twice during his time in college - once for a broken smartphone and once for a stolen laptop. I think I paid around $120 a year for the coverage. They were very easy to deal with in the claims process. They also offer liability coverage if needed. College kids can be pretty irresponsible with their possessions and theft can be a problem in dorms, libraries, etc. I think this type of policy is a bargain considering what it costs to replace today's electronics.
This. The coverage for loss or accidental damage to a laptop or smartphone or bike is fantastic . We continued the "dorm insurance" policy when D moved into an apartment in junior year. Some of her furniture was damaged because of a leaky roof, and I was astonished at how straightforward the claims process was -- she could do most of it on her cellphone. Take pic of damaged dresser, take pic of Ikea receipt, get reimbursement about a week later for the full cost of the dresser.

Big Dog
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Re: Renter's Insurance for College Dorm

Post by Big Dog » Sat Jun 09, 2018 12:12 am

Both of my sons had policies through collegestudentinsurance.com (CSI - now Gallagher). NSSI is another company that offers student property insurance. These aren't normal renter's insurance policies but rather specialized policies for students. The advantage over homeowners insurance is the low deductible and the fact that homeowners doesn't cover accidental damage but these student policies do. My homeowners deductible is $2000 but the CSI deductible is just $25. They cover the student's possessions in a dorm or in an off-campus apartment. They even cover them if the student is studying abroad. Here's an FAQ from Gallagher -https://www.collegestudentinsurance.com/faq.

One of my sons made claims twice during his time in college - once for a broken smartphone and once for a stolen laptop. I think I paid around $120 a year for the coverage. They were very easy to deal with in the claims process. They also offer liability coverage if needed. College kids can be pretty irresponsible with their possessions and theft can be a problem in dorms, libraries, etc. I think this type of policy is a bargain considering what it costs to replace today's electronics.
Of two college kids, I obtained the dorm insurance for one -- who was extremely hard on electronics and clothes. We made a couple of claims, including a new cell phone which had water damage due to texting in a thunderstorm. (Yeah, who does that?) Also, claimed a anorak left in a lecture hall by mistake.

Much lower deductible than my $1k homeowners, so dorm insurance was worth it for us.

bampf
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Re: Renter's Insurance for College Dorm

Post by bampf » Sat Jun 09, 2018 7:00 am

sunshine18 wrote:
Fri Jun 08, 2018 12:46 pm
When registering for my dorm, my college recommended Renter's Insurance, it runs about $15 dollars a month. Is it worth it?
My view is that insurance is for what you can't afford. If you have the money and it wouldn't be burdensome to replace your stuff in the event it is stolen or damaged then there is no need. If you don't and it would leave you in dire straights without the replacement then you should. At the end of the day it is a personal choice. Will you have to pay for it or are your parents paying? If you have to pay and money is tight, then either bring stuff that you don't care about or decide if you can afford to gamble $150. If you don't have to pay, have the conversation with your parents. They may have a view and since they are paying, you should let them decide.

SimonJester
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Re: Renter's Insurance for College Dorm

Post by SimonJester » Sat Jun 09, 2018 10:27 am

I am leaning towards Gradguard, they are a bit cheaper then others and provide 50K liability insurance.
As other pointed out home owners would cover this but I have a 2K deductible so its not going to be worth it to file a claim for most anything.
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." - Benjamin Franklin

Ben Mathew
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Re: Renter's Insurance for College Dorm

Post by Ben Mathew » Sat Jun 09, 2018 11:26 am

Insurance is always expensive. To make a profit, insurance companies have to charge more in premiums than they pay out on average. So buy insurance only when you really need it--big risks that will have a major financial impact if they occur. Small risks should be self insured--save up enough to cover small unexpected expenses.

A college student's possessions is not expensive enough to be insured. In fact, I think very few people have physical possessions, aside from houses and cars, that are expensive enough to warrant purchasing insurance. I've never bought renters insurance at any point in my life.
Last edited by Ben Mathew on Sat Jun 09, 2018 4:58 pm, edited 1 time in total.

jalbert
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Re: Renter's Insurance for College Dorm

Post by jalbert » Sat Jun 09, 2018 4:17 pm

A personal articles rider to parent’s homeowners insurance to cover a laptop, bicycle, smartphone etc might be worth it. These usually cover a wider range of losses, eg laptop falls out of backpack while biking.
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RickBoglehead
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Re: Renter's Insurance for College Dorm

Post by RickBoglehead » Sat Jun 09, 2018 7:03 pm

Parent's HO insurance should cover everything.

TallBoy29er
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Re: Renter's Insurance for College Dorm

Post by TallBoy29er » Sat Jun 09, 2018 8:48 pm

Never had it in college. Never had much to steal though, except a desktop computer (good luck with that). I would save the coin. When you set out on your own and get an apartment, then it it is well worth it.

blevine
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Re: Renter's Insurance for College Dorm

Post by blevine » Sun Jun 10, 2018 6:02 am

RickBoglehead wrote:
Sat Jun 09, 2018 7:03 pm
Parent's HO insurance should cover everything.
This is absolutely not true at least per my agent from Allstate. YMMV per state/provider. Also my deductible is high to keep rates lower. My agent said our liability covers them in dorms, but not property. If they move off campus to an apartment then they also have liability exposure uncovered.

Kids today can have expensive electronics. My kids studied CS, had Macbook (cs projects) and Windows tablet (note taking, anything else that requires Windows). Buying a few thousand coverage per year to cover these things is very cheap. First year or two in dorms, property only coverage is cheap. Get a bit more expensive as they move to upper classes, more things accumulated to cover, and moving off campus one can benefit from additional cost of liability coverage.

This falls in the category of risk assessment and whether one feels better sleeping at night. Property for a freshman in a dorm, maybe going self ins is fine, but many people worry about dorm theft. Note though that just losing a laptop is not covered. One must file a police report indicating theft. May not be a huge benefit for a freshman but cost was minimal too. Now with my kids moving off campus, if they start a fire/flood in the apt, they can be liable for expensive repairs. Some landlords even require evidence of liab insurance as part of the lease.

RickBoglehead
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Re: Renter's Insurance for College Dorm

Post by RickBoglehead » Sun Jun 10, 2018 7:11 am

blevine wrote:
Sun Jun 10, 2018 6:02 am
RickBoglehead wrote:
Sat Jun 09, 2018 7:03 pm
Parent's HO insurance should cover everything.
This is absolutely not true at least per my agent from Allstate. YMMV per state/provider.
https://www.amica.com/en/about-us/media ... -2013.html

08/14/2013

LINCOLN, RI - It’s almost time for students to leave home for college, so Amica Insurance is reminding parents to check their auto and homeowners insurance policies to confirm that children are covered while they’re away at school.

“Expensive electronics – like laptops and tablets – are staples of the college experience,” said Gregory Smolan, an assistant vice president in sales and client services for Amica Insurance. “But it’s important to remember that if these items are lost or stolen, they should be covered under your homeowners insurance policy.”

Most homeowners insurance policies should provide coverage for possessions taken to school by full-time students. Protection of property away from home is typically limited to 10 percent of the personal property limits on the family’s homeowners insurance policy. Additional insurance is also available for specific items like jewelry and computers.

Those students taking a vehicle to college will most likely be covered under the parents’ auto insurance policy, as long as the vehicle is registered to the parent as the owner. If your student is not taking a vehicle, you may be eligible for a reduction in auto insurance premiums. Check with your insurance company to find out.

Amica Insurance is also offering the following tips to prepare your child for college:

Make a list of everything your child is bringing to school.
Be sure to keep all receipts.
Write down serial and model numbers on electronics, bicycles, jewelry, etc.
Engrave valuable items like computers and stereo equipment with your child’s driver’s license number and state.

Additionally, Amica’s mobile app can help keep track of a student’s belongings through the home inventory feature.

“Heading off to college can be a stressful time for both students and parents,” Smolan said. “So be sure to call your insurance company with any coverage questions you may have.”

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C4NT
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Re: Renter's Insurance for College Dorm

Post by C4NT » Sun Jun 10, 2018 8:37 am

I wouldn't submit a claim on my homeowner's insurance. The claim, which would be small(ish), would go on your CLUE report. This could affect your rates and your ability to shop for insurance with another provider.

If you need insurance, I would go with a separate company.

wstrdg
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Re: Renter's Insurance for College Dorm

Post by wstrdg » Sun Jun 10, 2018 11:06 am

Both of my sons had policies through collegestudentinsurance.com (CSI - now Gallagher). NSSI is another company that offers student property insurance. These aren't normal renter's insurance policies but rather specialized policies for students. The advantage over homeowners insurance is the low deductible and the fact that homeowners doesn't cover accidental damage but these student policies do. My homeowners deductible is $2000 but the CSI deductible is just $25. They cover the student's possessions in a dorm or in an off-campus apartment. They even cover them if the student is studying abroad.
Abosolutely yes. We used CSI for three students with a $25 deductible. We filed claims for the theft of a bicycle (and air pump) on a different campus while student was a summer lab intern; claim for pair of eyeglasses that blew away in a windstorm; claim for jacket stolen from library when student visited the restroom. The claim process was relatively easy -- student did need to file police report for thefts, and receipts are required. We opted for replacement value so the bicycle claim alone pretty much made us even for the premiums for all three students over the course of their undergraduate AND graduate years. Just make sure your students know to 'fess up when something is stolen or accidentally destroyed, so you can file that claim.

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ram
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Re: Renter's Insurance for College Dorm

Post by ram » Sun Jun 10, 2018 2:32 pm

My kids have always insured with "bank of Dad."
Ram

FOGU
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Re: Renter's Insurance for College Dorm

Post by FOGU » Sun Jun 10, 2018 2:47 pm

Sounds like a nice profit center for the school.

No. Not necessary. Take care of your stuff and lock your room when you are not in it.
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blevine
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Re: Renter's Insurance for College Dorm

Post by blevine » Sun Jun 10, 2018 7:21 pm

RickBoglehead wrote:
Sun Jun 10, 2018 7:11 am
blevine wrote:
Sun Jun 10, 2018 6:02 am
RickBoglehead wrote:
Sat Jun 09, 2018 7:03 pm
Parent's HO insurance should cover everything.
This is absolutely not true at least per my agent from Allstate. YMMV per state/provider.
https://www.amica.com/en/about-us/media ... -2013.html

08/14/2013

LINCOLN, RI - It’s almost time for students to leave home for college, so Amica Insurance is reminding parents to check their auto and homeowners insurance policies to confirm that children are covered while they’re away at school.

“Expensive electronics – like laptops and tablets – are staples of the college experience,” said Gregory Smolan, an assistant vice president in sales and client services for Amica Insurance. “But it’s important to remember that if these items are lost or stolen, they should be covered under your homeowners insurance policy.”

Most homeowners insurance policies should provide coverage for possessions taken to school by full-time students. Protection of property away from home is typically limited to 10 percent of the personal property limits on the family’s homeowners insurance policy. Additional insurance is also available for specific items like jewelry and computers.

Those students taking a vehicle to college will most likely be covered under the parents’ auto insurance policy, as long as the vehicle is registered to the parent as the owner. If your student is not taking a vehicle, you may be eligible for a reduction in auto insurance premiums. Check with your insurance company to find out.

Amica Insurance is also offering the following tips to prepare your child for college:

Make a list of everything your child is bringing to school.
Be sure to keep all receipts.
Write down serial and model numbers on electronics, bicycles, jewelry, etc.
Engrave valuable items like computers and stereo equipment with your child’s driver’s license number and state.

Additionally, Amica’s mobile app can help keep track of a student’s belongings through the home inventory feature.

“Heading off to college can be a stressful time for both students and parents,” Smolan said. “So be sure to call your insurance company with any coverage questions you may have.”
Each policy is different, even with the same insurer. And your quote dates 2013. Insurers change your policy annually. I asked Allstate recently, and the answer was it could be added but based on extra cost, better to buy the types of policies discussed here. So you can get coverage, but due to premiums and avoidance of nuisance claims on your longer term homeowners record, best to have a separate policy, if any, in your kid’s name.

RickBoglehead
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Re: Renter's Insurance for College Dorm

Post by RickBoglehead » Sun Jun 10, 2018 9:48 pm

2 kids, 11 years of college between them (both Master's degree), zero losses.

SimonJester
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Re: Renter's Insurance for College Dorm

Post by SimonJester » Mon Jun 11, 2018 8:27 am

Im curious for those who went through college with zero losses, how long ago was that? It seems kids are carying a lot more valuable electronics on them now a days.
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." - Benjamin Franklin

TallBoy29er
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Re: Renter's Insurance for College Dorm

Post by TallBoy29er » Mon Jun 11, 2018 7:44 pm

SimonJester wrote:
Mon Jun 11, 2018 8:27 am
Im curious for those who went through college with zero losses, how long ago was that? It seems kids are carying a lot more valuable electronics on them now a days.
It's funny. Today, I can't imagine not bringing a laptop with me when I need to do real work. In college, that wasn't an option. I had 30 lb desktop that wasn't exactly portable.

RickBoglehead
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Re: Renter's Insurance for College Dorm

Post by RickBoglehead » Mon Jun 11, 2018 9:37 pm

SimonJester wrote:
Mon Jun 11, 2018 8:27 am
Im curious for those who went through college with zero losses, how long ago was that? It seems kids are carying a lot more valuable electronics on them now a days.
Most recent graduate was 2016...

sunshine18
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Re: Renter's Insurance for College Dorm

Post by sunshine18 » Mon Jun 18, 2018 6:54 pm

Thank you for all your responses!!

Pigeon
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Re: Renter's Insurance for College Dorm

Post by Pigeon » Tue Jun 19, 2018 7:28 am

We don't buy insurance for this. Insurance is for losses you can't easily absorb. The only thing of much value our kids have in dorm rooms are their laptops, and we could easily replace them if needed. What is important is to impress on your kids that stuff gets stolen. I work at a university and kids leave laptops, purses, etc., unattended and unlocked all the time. Periodically, stuff goes missing. An ounce of prevention...

Jack FFR1846
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Re: Renter's Insurance for College Dorm

Post by Jack FFR1846 » Tue Jun 19, 2018 7:35 am

Decide for yourself but remember that the college isn't "recommending" this insurance, the college gets a fee from the insurance company for offering the insurance to students.
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