College students may not have a ton of valuables to insure, but expensive textbooks, laptops and other prize possessions can cost a lot to replace if something should happen to them. Fires, floods, and theft are all potential risks to property. In fact, the U.S. Department of Education estimates there were 31,851 campus burglaries in 2008, and the National Fire Protection Association reported 6,000 campus fires during the same year. Damage to property by roommates is also something to consider.

Renters insurance covers everything college students would hate to lose, including gaming systems, iPads, graphing calculators, televisions, smartphones, and even furniture and bicycles, and it typically costs about $10 to $15 per month, which is considerably less than the cost to replace even one of those items.

Some students who live in dorms and are under 26 years may still be covered by their parents’ insurance plan, so it’s important to check current homeowner policies before considering a separate policy. Students living in off-campus housing and those older than 26 probably won’t be covered.

Depending on the type of coverage chosen, the policy may reimburse for the actual value of the lost possessions, or it may compensate for the cost to replace them.

And don’t wait until college starts to begin looking into renters insurance. The best time to inventory possessions is while packing, and many landlords require coverage before move-in day.

Have questions about renters insurance or anything else? Give IPOA a call at 877-653-4762.