It’s common for colleges and universities to require students to live in dormitories for at least part of the time they attend the institution. Once students have met that mandate, many choose to live off-campus and renter nearby apartments in Blacksburg, VA.
Students living off-campus need to purchase a renters insurance policy to cover their belongings and for liability and loss of use coverage.
It might be easy for a college student to rationalize not buying a policy – they don’t have many belongings. But students routinely miscalculate the value of their personal property and most importantly, they undervalue liability and loss of use coverage.
Losing personal property in a dorm room or student apartment might be a substantial loss, but it’s unlikely that loss will have long-term consequences. On the other hand, a lawsuit against a student might be financially devastating and liability coverage can cover or help a student absorb those costs.
Remember, no matter how careful someone is, they can still be subject to an accident that destroys their belongings, or sued. Even if there is little ground for a case against a student, the cost to defend against a lawsuit can be financially strenuous. And renters insurance is relatively inexpensive. The average annual renters insurance premium is the U.S. is $187.