College is an exciting experience. There is a lot to look forward to: the late-night pizza, new friends, busy class schedule and the exciting weekend dorm parties. The last thing you’re thinking about is searching for renters insurance quotes.

But you should be, and here’s why.

Reasons to get renters insurance

  1. Your parent’s policy may not cover you

Your parent’s homeowners insurance policy may cover you if you are a full-time student living in the campus dorms. However, the coverage may be limited depending on the specific policy that your parents have taken out. Many homeowners insurance policies have strict limits when it comes to covering children living outside the home.

If you happen to be living off-campus (many colleges allow you to even in your first year), as opposed to on-campus student housing, you’re probably not covered at all.

  1. It covers losses to your personal property

When you go off to college you get to have your own stuff and can do as you wish. If you’re living in student housing, you probably have your own TV, laptop or PC and various other personal belongings that make life away from the comfort of home bearable.

You may not imagine that these things are worth anything until they are destroyed in a fire or stolen. Figures published by the National Crime Victims’ Rights Week showed that there were more than 92,000 crimes reported to university and college campus authorities in 2010. 97 percent of reported crimes involved theft of property. Can you imagine the cost of replacing all your possessions? It can run into the thousands of dollars.

Renters insurance ensures that your personal property is covered for losses from perils such as:

  • Explosions
  • Falling objects
  • Smoke
  • Vandalism
  • Theft
  • Fire
  • Water damage
  1. It’s affordable

According to figures published by the Insurance Information Institute, the average cost of renters insurance in 2013 was $188. This means that you would pay an average of $12 per month for renters insurance. The actual cost of what you pay towards your premium depends on several other factors including your coverage limits and your deductible. However, the cost of paying premiums on insurance is much lower than the cost of replacing your belongings out of pocket, that’s for sure.

  1. It offers personal liability coverage

Do you intend to throw a party or two while in college? Many college students do. You should therefore be prepared to pay for damages that may occur.

Renters insurance provides coverage for personal liability. This type of coverage protects you in case the property is damaged or someone else is injured on the property you’re renting. Personal liability safeguards you from high out-of-pocket expenses in the event an accident occurs and someone is injured.

  1. Your belongings are covered when you travel

Planning to take a road trip or an international gap year to explore other cultures? Renters insurance covers your personal belongings even while travelling. Your property will be covered from loss resulting from perils, such as theft or airline luggage loss. Your renters insurance will cover you no matter where in the world you travel.

  1. Offers coverage for roommates

Having a roommate can be a great way to cut down costs. This can also apply for your renters insurance policy. Roommates can share coverage under the same policy and therefore ensure that their belongings are protected too. You don’t have to carry the burden of renters insurance alone.

Renters insurance is valuable whether you’re living on or off campus. Not only affordable, it’ll give you the peace of mind to focus on other areas in your life. And with the seamless convenience of the internet, navigating the renters-insurance-quotes-compare process isn’t the ordeal it used to be.