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Guide: Renters Insurance for College Students

Guide: Renters Insurance for College Students


As a college student, you're probably on a budget, which usually means cutting every unnecessary expense — including insurance.

While renters insurance may seem overkill, it's critical to have. It isn't expensive, either. Coverage options start at $5 a month, so renters insurance can fit most budgets. The protection insurance plans provide makes renters insurance worth consideration for college students.

Since purchasing insurance is making an adult decision, your options are worth thinking through carefully. Let's dive deeper and explore renters insurance for college students.

  • Why Should a College Student Get Renters Insurance?
  • What Renters Insurance Covers
  • Who Renters Insurance Covers
  • Common Misconceptions
  • How Much Renters Insurance Do I Need?
  • Final Thoughts: Renters Insurance for College Students

Why Should a College Student Get Renters Insurance?

Your college years are associated with many great memories, unique experiences — and also with being broke.

It's understandable if you don't opt for additional financial protection like insurance as a first-time renter. You're trying to save money and the word "insurance" sounds expensive to even think about. You may not realize that renters insurance for college students isn't too expensive. And if something happens, having insurance can save you way more money than you'll ever spend on your policy.

Since renters insurance starts at as little as $5 a month and can provide tens of thousands of dollars in coverage, it's a wise financial decision. Especially if you don't have a lot to spare.

Fires, theft, and weather (also called "perils") can happen to anyone, and your insurance will protect you, your stuff, and your guests.

For example: let's say you're having people over for a party after midterms, and someone slips on a spilled drink, resulting in a trip to the doctor. Your renters insurance can cover that. And if that drink accidentally spilled on your laptop on the way down, extended coverage can help you replace that, too.

What if you love your new off-campus apartment price but not so much the slightly sketchy location? Renters insurance covers your stuff in the event of a robbery or vandalism, ensuring peace of mind.

What Renters Insurance Covers


Renters insurance for college students (and everyone else) pays for three primary things:

  • Your property
  • Other people and their property
  • Additional living expenses

So whether a fire damages your items and leaves you with nowhere to stay, or your dog accidentally bites your friend, your insurance company can help you pay for these situations after your deductible. Remember that these things are only covered when damaged or lost due to a covered peril like theft, weather, or fire.

There are exclusions to the coverage, such as earthquake or flood damage. It also excludes the stuff typically covered by your auto insurance.

List of Goodcover’s covered perils and covered property.


Goodcover's policies cover your stuff inside and outside the home but won't cover misplacement or accidental damage with our GOOD plan.

Upgrade to SUPERGOOD or ULTRAGOOD coverage for a few dollars more. These coverages ensure that we'll replace your stuff if it gets accidentally damaged or misplaced.

For example, if your after-midterms party goes awry and someone accidentally smashes your PS5, SUPERGOOD will cover it. SUPERGOOD also kicks in if you knock coffee onto your laptop by mistake.

And if you lose your phone on spring break, ULTRAGOOD coverage can cover the cost of a full replacement.


Who Renters Insurance Covers

Renters insurance covers you and your belongings – roommates and their property are not included. Roommates can't share policies, and they can't protect their stuff under your coverage.

Multiple people can take out policies for the same apartment, so your roommates can easily acquire their own coverage if they want to protect their things.

The only other entity your renters insurance policy might cover is your pet, as long as its breed or bite history doesn't exclude it. It's also important to note that renters insurance only covers damage your pet causes, not injury to your pet itself.

For injury to your pet, we recommend looking into pet insurance.

Common Misconceptions

Here are a few of the most common misunderstandings we see when it comes to renters insurance for college students:

Renters Insurance is Expensive

Not true! Goodcover plans start at just $5 a month, which is one of the lowest rates in the industry. Plus, each year, we give money back to our members through the Member Dividend.

My Stuff Isn't Worth Enough to Insure

If it was worth buying, it's worth insuring! Even if you think you don't have a lot of stuff, what you have adds up fast. Counting just what you might have in your bedroom:

Just those four things add up to $2,414. Even if you got most of your electronics and furniture at a discount or second-hand, it's important to note that Goodcover pays you for their replacement value, so you get the current retail price for a new replacement.

Graphic defining replacement cost.

That's My Landlord's Responsibility

If your landlord has property insurance, it won't cover your belongings or the safety of your guests. In some instances, you'll still be held financially responsible for damage to their property.

So it's essential to have renters insurance to cover all your bases.

I Don't Need Insurance Because My Parents Have It

If you aren't living in the same place as your parents, you may be covered if you're staying in on-campus housing in a dorm room, returning each break. In this case,  insurance would count you as a dependent. However, your parents' homeowners or renters insurance doesn't cover you in most other cases.

How Much Renters Insurance Do I Need?

In some cases, your landlord will require you to have a certain minimum of personal liability coverage limit — usually around $100,000.

To determine how much personal property coverage you need, you should determine the value of all your personal belongings through a home inventory. That may take some time, but it helps determine if you have enough coverage.

Next, consider what you want insurance to cover. The standard insurance will protect your stuff and guests inside your home in the event of a covered peril, but if you want accidental damage or misplacement, it's a good idea to upgrade.

But for just a few extra dollars a month, you can add additional coverage that protects your items if you accidentally damage or lose them. That small extra expense could end up saving you a ton later on.

Comparison showing the differences between STANDARD, SUPERGOOD, and ULTRAGOOD coverage.

Final Thoughts: Renters Insurance for College Students

Although you're are often on a tight budget, renters insurance for college students is still vital to maintain. For a small monthly fee, you can protect your things and guests and avoid a situation where you might find yourself out thousands of dollars.

Once you determine your renters policy limits, it's easy to find coverage that works for you.

Protect your finances by getting a quote for Goodcover renters insurance today.


Note: This post is meant for informational purposes, insurance regulation and coverage specifics vary by location and person. Check your policy for exact coverage information.

For additional questions, reach out to us – we’re happy to help.

Goodcover is a modern, fair, cooperative renters insurance starting at $5/mo.

Our mission is to build a community of Members enjoying financial peace of mind at the lowest possible cost. Get your instant quote and become a Member today; if you’re switching we’ll do the work for you and you’ll get a refund of anything you’ve prepaid.

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Goodcover Insurance Solutions, LLC (Goodcover) is an insurance agency licensed to sell property-casualty insurance products. Goodcover will receive compensation from insurance carrier partners for such sales. Refer to the Legal Notices section for additional information.

Issuance of coverage is subject to underwriting review and approval. Coverage may not be available in all states. Please see a copy of the policy for the full terms, conditions and exclusions. Policy obligations are the sole responsibility of the insurance carrier listed in your Policy Declarations. Coverage scenarios are hypothetical and shown for illustrative purposes only. Coverage is dependent on the actual facts and circumstances giving rise to a claim.