Rental property insurance for student housing

How to Find the Best Renters Insurance for College Students (2024)

The cheapest and best renters insurance for college students is Allstate, with an average cost of $10 per month for $20,000 in personal property protection and a $500 deductible.

JC

JC

Travel Insurance & Safety Expert

Joe Cortez is a freelance journalist who covers personal finance topics, including mortgages, credit card rewards, and investing. He has previously written for USA Today, Business Insider, NextAdvisor, and Fodor’s Travel Guide.

JC

JC

Joe Cortez Travel Insurance & Safety Expert Joe Cortez is a freelance journalist who covers personal finance topics, including mortgages, credit card rewards, and investing. He has previously written for USA Today, Business Insider, NextAdvisor, and Fodor’s Travel Guide.

• What is Renters Insurance?
• The Best Cheap Renters Insurance
• Do Students Need Renters Insurance?
• FAQs on College Renters Insurance
• Read More About Renters Insurance

• What is Renters Insurance?
• The Best Cheap Renters Insurance
• Do Students Need Renters Insurance?
• FAQs on College Renters Insurance
• Read More About Renters Insurance

Renters insurance can provide valuable financial protection for the personal property of the nearly 20 million students attending college each year. Renters insurance isn't typically required, but it's highly recommended for college students who are living away from home while attending school. For an average cost of $13 per month, renters insurance can protect college students from the cost of replacing clothes, textbooks, electronics and other valuable possessions in the event of a loss.

Read on to learn more about how renters insurance works and what MoneyGeek recommends as the best and cheapest companies for students.

What is Renters Insurance?

As the name suggests, renters insurance is offered to people leasing an apartment, duplex, house or any other kind of home. Renters insurance for college students protects everything under the roof. Most renters insurance policies include coverage for common perils such as:

• Personal property theft
• Water backup damage
• Fire damage
• Natural disasters, like hurricanes and tornadoes
• Bodily injury as the result of an accident occurring on the insured property

For example, imagine if you were to arrive back home after class to find your computer and bike stolen. After you call the police to take a report, your next call should be to the insurance company. Because theft is a covered event, the insurance company will pay the fair market value of your stolen items to replace them, minus the insurance deductible.

Renters insurance doesn’t just cover your items in the event something happens to them. The best renters insurance for college students can also offer protection for many of life’s unplanned mishaps. Other coverages included in most renters insurance policies include:

• Liability insurance: If an in-home accident causes property damage or injury, renters insurance can make sure you don't have to pay out of pocket for damages. Your policy may pay for repairs and any medical bills coming out of the accident, up to the policy limits and minus any deductibles.
• Medical payments: If somebody gets injured from falling down the stairs, slipping on ice or another common household accident, your renters insurance may prevent you from being responsible for paying directly for damages. Most policies offer ambulance transportation coverage, emergency care and payment of other medical bills directly associated with the incident.
• Additional living expenses: If a fire, natural disaster or other kind of covered incident forces you out of your rented property, your renters insurance may help you get another place to live. Until you can move back in, the insurance company could help you pay the rent for another place, keeping you from breaking your budget.

Compare Renters Insurance Rates

Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.