Renters insurance is an inexpensive way for students to ensure the protection of their possessions while living on or off campus.

This insurance extends liability coverage, protects personal belongings and covers additional living expenses. Liability coverage protects people from claims or lawsuits against them that occurred in their rental. Insured personal property protects the value of that belonging in the event of a theft or natural disaster. Floods and earthquakes typically require separate coverage according to State Farm Insurance.

Students living on and off campus are responsible for their belongings in the case of a theft incident, fire or natural disaster. 

“Usually, the number one thing we see with kids in college is theft,” said Debra Bassham, who works for TCU alumni and State Farm Insurance agent, Judy Samuels. “Rooms can be unlocked and people go in and steal things like laptops and purses.”

Many instances of theft occur in first-year residence halls. Sophomore business major, Payton Shelton, reported a stolen ring during her first year while living in Colby Hall.

“I always pushed off the idea of insuring my ring because you never think it’s actually going to get stolen,” said Shelton.

There are many affordable policies that can be purchased individually.

“Policies can be as low as $12.50 a month,” said Bassham.

Certain policies that offer replacement value of the claim over cash value are more expensive, but replacement value offers the original value of the possession rather than the cash value of the belonging at the time of the claim. Renters insurance can also be jointly bought with roommates. However, claims are then shared and placed against anyone under the policy.

Students living in on-campus housing can often be listed as a dependent under their parent‘s coverage. Their coverage, however, must include off-premises coverages. Policies can cap off-premises coverages in cases of theft or natural disasters, according to State Farm Insurance.

“When I do parent orientation, I tell parents that they should be considering purchasing it or make sure that their student’s property is covered under their own insurance policy,” said Craig Allen, TCU director of Housing and Residence Life. “When my son started his freshman year, I bought a policy for him. It was maybe $50 for the year and for that piece of mind, 50 bucks, it was worth it.”