Students often overlook the need for renter’s insurance. Given that a student’s income is typically less than someone working, it may be even more important for students renting an apartment or living in a dormitory to invest in renter’s insurance. Their income restrictions typically make it even more difficult to replace their personal property in the event of damage, loss, or theft.

Thankfully, renter’s insurance is relatively inexpensive and provides significant value in coverage.

Renter’s insurance typically covers things like :

• Damage caused by vehicles, explosions, falling objects, damage caused by aircraft, fire or lightning, riot or civil commotion, smoke, theft, vandalism or malicious mischief, volcanic eruption, the weight of ice, snow, or sleet, windstorm or hail, and damage from water or steam from sources including household appliances, plumbing, heating, air conditioning, or fire protective sprinkler systems.

While a couple of the above events seem highly unlikely in the Midwest (say…falling aircraft or volcano eruptions), the rest are legitimate potential risks causing significant damage or loss of personal property.