This year parents will be sending over 13 million students off to higher educational schools along with their assortment of electrical gizmos and gadgets, not to mention all the clothes, jewelry and other necessities they couldn't leave home without. Each college student will be taking between $5,000 and $10,000 worth of personal property to schools across the country, according to the Insurance Journal. By obtaining renters insurance you, as parents, can help protect your college-bound young adults assets.

Renters Insurance Is?

Insurance for renters is ideal for college students who are living off-campus in rented houses or apartments, and are no longer covered under their parent's homeowners insurance policy. Insurance for renters is a relatively low-cost way to protect your student’s assets with most renters policies costing between $15 and $30 a month (NAIC.org). Just as you did a home inventory when you purchased your homeowners insurance policy, your college- bound child should do the same. Take an inventory of all the possessions they are taking with them. Making sure to note the purchase price, model numbers and serial numbers of all the items as well.

Do You Need Renters Insurance?

Most students who residing off-campus do so in apartments, so renters insurance should be one of the first things you consider. With apartment being some 85% more likely to be broken into than any other form of housing, according to the National Crime Prevention Council (NCPC), safety and protection is vital. Many people mistakenly believe that their personal belongings are covered under the landlord's homeowners insurance policy. However, most landlords' policies only cover the exterior and infrastructure of the building. In most cases, tenants are responsible for all of their own belongings within the rented property.

Two Types of Renters Insurance

The two types of renters insurance coverage you can buy are; actual cash value or replacement cost. The actual cash value policy reimburses you the value of any items broken or stolen, taking into account the depreciation of each item. The replacement cost policy would reimburse you for the current market value for all stolen, damaged or ruined items.

My Roommate Has a Renters Insurance Policy Does That Cover Me?

If you are living with someone who has a renters insurance policy it does not mean you are covered too. Their belongings would be covered, but yours will not as the assets would not be listed on their policy. Each tenant must have their own renters insurance policy in order to protect their own personal assets. If you or your roommate owns a dog, it is also a good idea to consult an insurance professional about any additional coverage you may need.

Sending your child to college is a life-changing event for parents as well as for the child. For most kids, it will be their first time living away from home. While is a pivotal step in your child's growth into adulthood, it also can be a troublesome time for most parents. Protecting your child's property with a renters insurance policy is a low-cost way of relieving some of your concern, and giving you some added peace of mind.