Best Renters Insurance For College Students In 2020
Often more than not you are in a rush to get a renters insurance policy no matter if you live on campus or a dorm. You want to make sure that you can move into your new apartment or rental home.
Getting renters insurance quotes online have never been this easy and the application process has never been faster.
We have reviewed 4 of the best renters insurance companies for college students in 2020 to make your search for coverage and the buying process super easy.
Our #1 Pick
Lemonade is our #1 pick overall for renters insurance for college students. Their application is super fast, their site is easy to navigate, and they have some of the lowest rates.
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Learn Who Made Our Best Renters Insurance For College Students
Plus More Details On Each Company, Why You Need Renters Insurance, What Does It Cover, And How To Apply For Coverage.
If you follow Lemonade on Instagram, you might notice that they have an untraditional feed that involves a faceless person dipping everyday items into thick pink paint.
What does that have to do with insurance, you ask? Well, it turns out that they take their slogan, “We cover your stuff” literally, and covering it in paint that matches their signature logo.
Lemonade has turned the insurance industry on its head by powering their quote and claims process with AI. The application process is incredibly simple, and, dare we say, fun.
All you have to do is grab your smartphone and enter your address. You’ll answer a few simple questions about your living situation, share some information about your belongings and how much coverage you want, and voila! You’ve got a quote.
Prices start as low as $5 per month, and the company sweetens the deal by donating to a variety of charitable causes.
The claims process is probably our favorite part of Lemonade.
Instead of filling out mountains of paperwork and digging for receipts, all you have to do is record a video explaining your situation (use your smartphone for ultimate convenience) and then list the items that need to be replaced.
Your claim could be approved, and your refund processed almost instantly.
Want to learn more? Read our full Lemonade Insurance review here.
RATES FROM $5.00/Month
(Based On Newer Construction In The State Of Georgia, A Good Insurance Score, And Other Desirable Factors.).
2. State Farm
If you already have car insurance, then you might want to bundle your renter’s insurance with your automobile coverage.
By structuring this policy this way, you can save significant funds. In some cases, the discounts are so generous that you’re essentially getting your renter’s insurance for free.
However, not everyone qualifies for this bundling discount, so you’ll have to confirm eligibility by contacting State Farm directly.
Progressive has been in business since 1937, and they offer renters insurance in 50 states and D.C.
They are the best renters insurance for discounts and are rated A+ by both BBB Rating and A.M. Best
Progressive is another company that allows you to bundle your policies to save. However, Progressive rates start at about a dollar a day, which is significantly higher than what Lemonade charges.
Specific to renters insurance, several items in your apartment might qualify you for a discount. These include smoke detectors, deadbolts on exterior doors, and an alarm system.
Still, if you’re uncertain about Lemonade’s startup status (they’re less than five years old) and you want a more established company, then you might prefer to purchase your policy through Progressive.
4. Quote Wizard
Not sure which company is your best bet for renters insurance? Take the guesswork out of finding insurance and compare several companies side by side.
QuoteWizard can give you several quotes from top companies in just 60 seconds. The average customer could save up to 40% on their insurance premium when they use them.
Quote Wizard is not an insurance company, but it is the best place to find easy price comparisons among renters insurance plans and companies.
They also have an A+ rating from the BBB and are headquartered in Seattle.
Since 2006, they have helped more than 32 million shoppers find the right policy for their insurance needs.
Their process is quick and seamless. It takes less than five minutes for you to answer about ten questions, then they email you a quote comparison.
What does renters insurance cover?
Renters insurance, also called personal property insurance, covers everything you own that’s portable. This includes:
In addition to giving you either full replacement cost of these items for the cash value equivalent, renters can also get temporary housing if their home becomes uninhabitable.
There’s also liability protection, which covers the cost of any injuries sustained by other people at your residence.
The events that are covered under renters insurance fall into three categories:
We go into a bit more detail about the areas of coverage for renters insurance:
Personal property coverage means that if something happens to your belongings, the insurance company will give you money to replace them at either cost or current value (depending on your type of policy).
Personal liability insurance will cover you in case someone decides to sue you after getting hurt at your house. The insurance company will pay the legal costs and any settlement to the injured party.
Medical payments go hand in hand with personal liability coverage. If someone sues you because they hurt themselves at your house, this coverage will take care of their medical bills.
Loss of use (also called Additional Living Expenses - ALE)
Loss of use coverage means that if something happens to your home and you cannot live there because of the damage, your insurance company will reimburse your living costs. Some companies have time limit caps, and others have monetary caps on this benefit.
Why a College Student Needs their Own Renters Insurance Policy
You might not have much, but what you do have is essential and challenging to replace.
For example, what happens if your laptop gets stolen from your dorm room or a café?
It’s unlikely that you have an extra $1,000 lying around to buy a new one. However, your insurance policy can replace it promptly.
If tragedy strikes and you lose everything you own, then it can be incredibly expensive to start over.
Renters insurance can help you get back on your feet and replace the essentials.
With policies starting at just $5 a month, there’s no excuse not to have some protection.
Does My Homeowners Insurance Cover College Students?
Sometimes. A handful of homeowners policies allow you to add renters insurance for a college student if they’re under 26 and live in a dorm room.
Other policies are more restrictive. Given how economical renters insurance is, however, it makes more sense for your college student to have their own coverage.
Is Renters Insurance Worth It for College Students?
Yes, 100%. Like we said, if something happens to your stuff, your renter’s insurance will help you replace it.
And, with easy-to-use online claims, you won’t have to sacrifice too much studying time to get the funds you need to start over.
Some landlords will require it, so if its worth it or not really don't help you in those situations.
However, if you do need to use your renters insurance, it will be worth it because the insurance company will replace your possessions and belongings up to the policy limit.
How To Apply For Renters Insurance
Applying for renters insurance is easy, and can take just a few minutes. The best way to do it is to go online because most companies have a free online process that will deliver a quote within seconds or minutes.
View Your Instant Quote
First, you want to click here or any of the above buttons to start the quote process, you won't need any personal information other than the address to get your quotes fast. Once you have your quotes and pick the coverage option that works best for you, it's time to get covered.
Get Your Personal Information Together
You will need your name, address, and Social Security number. The online forms guide you through several questions to learn more about the rental you will be living in and what coverage you need.
Start Your Online Application
Once you have all of your personal information together, your next step will be to start the application. This will be easy by just following the prompts after you complete your quote.
Know The Safety Features Of Your Rental
The application might ask about smoke detectors, sprinkler systems, and deadbolts. The best renters insurance will offer discounts for those features.
Sometimes, the intake form may also ask if you have pets, especially certain dog breeds. Overall the process can take less than five minutes.
Answer Your Questions Honestly
Be sure to answer every question, truthfully. If you do not, and something happens, the company may deny your claim. Even if they do not deny your claim, you still may be committing fraud.
Add Any Additional Interest
Some landlords may require you to add them as an additional interest; this will let them know if the policy has lapsed or when you have renewed your policy. Most companies can add this during the application process or immediately afterward.
Print Your Proof Of Insurance
Once your policy has been approved and paid for, simply print out your proof of insurance, and you're covered.
Take Action - You Decide
If you’ve thought about renters insurance but never taken action, there’s no time like the present.
As you’re learning more about “adulting” and becoming more financially responsible, renters insurance is a crucial first step in protecting what you’ve accumulated so far in life.
Not only is Lemonade easy to apply for and easy to place claims, but it also allows you to pick a cause that matters to you and donate to it.
The saying goes, "If you knew better, you'd do better," so now that you know, its time to do. You can click here to start your path to renters insurance coverage instantly, today.
IN THIS ARTICLE
Sa El is the Co-Founder of Simply Insurance and a licensed Insurance Agent with over 11 years of experience in the industry. He specializes in Life & Health Insurance and is certified in Long Term Care Insurance in the state of Georgia. He is also an Official Member of the Forbes Finance Council, a licensed real estate agent in the state of Georgia (License #382602), an entrepreneur, insurance educator, and freelance writer.