

Students may need renters insurance for dorm rooms if they’re not covered by their parents’ homeowners or renters insurance policy or if they need more coverage.
Students don't always need renters insurance for dorm rooms. Some students may be covered by their parents' homeowners or renters policy, but others may benefit from their own coverage. Here's what you need to know to help you decide.
Your school won't require you to have renters insurance for your dorm, but it also won't be responsible if your belongings are lost, stolen or damaged.While renters insurance isn't mandatory, it can be a valuable safeguard. A standard policy helps cover the cost of replacing your personal property and may also include:
Some students are automatically covered under their parents' homeowners insurance policy. However, there are several reasons to have your own renters policy. Renters insurance may be worth considering if:
Tip: Some credit cards offer purchase protection on electronics and other big-ticket items, which can complement existing coverage or reduce your need for extra coverage.
Some insurers may allow you to share a renters insurance policy with a roommate, but typically only if you're related. Otherwise, each roommate should have their own policy to make sure coverage is clear and claims are simple.
Renters insurance is usually affordable, averaging $15 to $30 per month. Premiums depend on several factors including:
You may qualify for discounts by bundling your renters policy with auto insurance or for being a student. Raising your deductible or improving your credit score could also lower your monthly premium. A higher deductible means you'll have to pay more out of pocket if you file a claim, but it can make your insurance premium more affordable by lowering your monthly cost.
Learn more: Does Renters Insurance Require a Credit Check?
If you decide renters insurance is right for you, here are the typical steps to purchase a policy:
Renters insurance isn't always required for dorm living, but it can be a smart way to protect yourself while you're away at college. Whether you rely on your parents' policy or purchase one of your own, knowing your belongings are covered can give you some extra peace of mind.
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Jump-start your creditLaToya Irby is a personal finance writer who works with consumer media outlets to help people navigate their money and credit. She’s been published and quoted extensively in USA Today, U.S. News and World Report, myFICO, Investopedia, The Balance and more.
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