Living in an off-campus apartment is a popular housing optionfor many college students, as it comes with greater freedom andindependence.

At the same time, however, an off-campus apartment that is notaffiliated with a college or university can bring newresponsibilities. Often, a parent's homeowners' insurance policycovers students living in dormitories, but once a student moves offcampus it is a whole new ballgame. Renters' insurance, although notusually required, can be a necessity for college students. Renters'insurance not only can protect a college student's belongings —which often include expensive laptops, televisions and othervaluables — but it can also provide liability protection in theevent that someone is injured unintentionally on the property.

However, for many students, renters' insurance may seem like aforeign concept. Many think it is expensive, or maybe think it isunnecessary. With an agent's help, students and parents can measuretheir renters' insurance needs and explore various options.

Click through the following slides for the ins and outs ofrenters' insurance for college students.

Have the conversation

Many parents mistakenly believe that their homeowners' policycovers their student's apartment, but this is not always the case,especially if a student goes to college in a different state.

Agents and parents of college-bound students should discuss thestudent's living situation at college, and should, first andforemost, check to see if their homeowners' policy providescoverage if a student, listed as a dependent, lives in an apartmentat school. It is possible that the student could be covered, but anagent should also be prepared to show parents options for renters'insurance, which are often affordable.

Parents should not make the mistake of being under-insured,especially since students often bring valuable items to college. Besure that a conversation takes place between an agent and parentsof college-aged students annually to make sure that they do notforget to update their insurance once their student does move offcampus.

Some parents may want their college students to have their ownrenters' insurance and liability coverage in order to minimizetheir total risk exposure, especially if a student has a history ofclaims or increased risk exposure. Keep the college studentinvolved in the conversation to ensure that they, too, understandthe various options for renters' insurance and the affordability ofa policy, especially if parents want their student to beresponsible for the coverage.

Encourage clients to keep receipts andphotographs

Renters' insurance covers a student's personal belongings.Contrary to what some students may believe, if something valuableis stolen from the property, or should a fire destroy theirbelongings, it is the student's responsibility, not thelandlord's.

Many students go to college far from home, and in the event of aloss or claim students need to know how to provide proof of theitems they own. Keeping receipts, taking down serial numbers andphotographs ahead of time can help the student document a lossshould the need arise.

The value of renters' insurance withroommates

Renters' insurance policies can be quite affordable, averagingapproximately $180 per year. If a student has several roommates,they may also consider purchasing a policy together and splittingthe cost, making it even less costly to protect theirbelongings.

Having renters' insurance is especially a good idea if a studenthas one or more roommates, especially since a student cannot alwayscontrol the actions of their roommates. A renters' insurance policycan protect a student should a roommate leave the curling iron on,for example, or if they invite untrustworthy people over who couldsteal or damage valuable items.

Help students and parents explore theiroptions

As an agent, be sure that parents and students understandwhether the policy offers a cash value or replacement cost forclaims. Talking with the parents and students to determine theirinsurance needs can help agents and clients find the best policy.While replacement cost coverage is higher than cash value, it canbe worth it if a student should make a substantial claim.

Check with the university

Some universities strike deals with certain insurance companiesfor their students, especially if living off-campus is a commonpractice at the college. Look into different deals and discountsoffered by the university to help parent and students receive thebest value of insurance with a discounted rate.