What College Students Need to Know About Renters Insurance

Heading off to college is an exciting time, especially for students moving into off-campus housing. While finding the right apartment or rental home is a big step, safeguarding your finances is just as important.

At MANN & GRAY Insurance Associates, we help Maryland college students and their families understand the value of renters insurance and how it can help reduce the financial impact of unexpected risks.

Why College Students Need Renters Insurance

Many students assume their landlord’s insurance will cover their personal liability and property. Most of the time, a landlord or property manager’s master policy will only include the building itself and common areas.

Instead, renters insurance is designed to protect your own belongings, such as laptops, furniture, and clothing, against risks like theft, fire, vandalism, or certain weather events. It also offers liability protection if someone is injured on your rental property or if you accidentally cause damage to someone else’s property.

Factors that Affect the Cost of Your Policy

Several factors can influence how much you’ll pay for your policy. Understanding these factors can help you find the right balance between affordability and protection.

• Coverage amount: The more coverage you purchase, the higher your premium will be.
• Location: Premiums may be higher in areas at high risk of crime or severe weather events.
• Type of building: The age, construction and security features of your rental property can affect your rate.
• Claims history: Insurers may tag you as high risk if you’ve filed severe or multiple claims in the past.
• Roommates: If you have roommates, each person may have their own policy, which can affect individual costs.

Always compare quotes and ask about available discounts, such as bundling renters insurance with auto insurance.

Choosing the Right Policy for Student Housing

Every student’s situation is unique. Some may have roommates, while others live alone. Our team at MANN & GRAY Insurance Associates can help you compare options and select a policy that fits your needs and budget. We’ll walk you through factors like coverage limits, deductibles, and any special considerations for Maryland student housing.

Contact MANN & GRAY Insurance Associates today to request a personalized quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.