Renter's insurance for college students

SteveMA
Thu, 19 Jul 2012 06:14:46 +0000

Unless the roommates are related or own the place together, they won’t be able to be listed on the same policy. Renter’s insurance is very inexpensive, $10-15/month or so but worth every penny. Recently there was an apartment fire not far from us, displaced over 50 people, not one of them had renter’s insurance. Not only did they lose all of their belongings, they suddenly found themselves with no place to live. Renter’s insurance would have paid for them to stay in a hotel, covered their meal costs, etc. until they could find a new place.

Even if you could find a policy that will allow the roommates to be listed together do NOT do that. If one of the roommates files a claim, that will ding your child’s record too. Just not worth saving a couple bucks.

I would also look into putting your son on his own auto insurance policy and adding a renters to that. It will start him on the way to a longevity discount and most likely the discount offered on the auto policy covers the cost of the renter’s policy and then some. Call your current agent for quotes to see what works out the best.