Insurify data scientists found that nearly all students with renters insurance said the coverage is beneficial (98%). Nearly three-quarters of those surveyed (72%) chose to purchase renters insurance even though their unit didn’t require them to, citing reasons like peace of mind and low costs. Overall, students surveyed are putting their policies to use, with 52% reporting that they have filed a claim.

Renters insurance premiums are significantly cheaper than premiums for other forms of insurance, with the average student paying $21.95 per month, or $263 annually — around one-tenth of the average annual cost of home insurance ($2,584). Premiums may be higher or lower depending on the insurer, the unit’s location, the value of belongings the policy covers, the policyholder’s deductible, and other factors.

Insurers offer coverage to students who live in on-campus dorms and off-campus housing. College students deciding whether to purchase renters insurance benefit from comparing prices and knowing what their prospective policy would cover, since certain perils aren’t included and some items require additional coverage.

• The average price of renters insurance for college students is $21.95 per month, or $263 annually — nearly 10 times cheaper than the average cost of home insurance ($2,584).

• More than 1 in 3 students (36%) said they can’t afford to replace their belongings without renters insurance, including 46% of those who live off campus.

• Most students with renters insurance have filed a claim (52%), and most of those who filed had their claim accepted (56%).

• College students most often report claims related to fire or severe weather (31%), accidental water damage (31%), vandalism (22%), and theft (17%).

Renters insurance pays to replace belongings — clothing, electronics, furniture, and others — that are damaged, stolen, or destroyed due to a covered event. That protection is relatively cheap compared to other forms of insurance.

The average price of renters insurance coverage for college students is $21.95 per month. Two-thirds of students (67%) pay less than $25 per month.

Some of the most common items students prioritize protecting include their laptops and computers (26%), gaming consoles (12%), and bicycles and scooters (11%). Replacing a typical college laptop without renters insurance could cost students $1,000 or more. Since their average annual renters insurance premium is $263 per year, that coverage could pay for itself several times over if a student’s laptop is stolen or damaged in a covered event.

Renters insurance can even protect students against incidents that take place away from their rental unit.

“Many renters insurance policies provide some level of off-premises coverage,” said Betsy Stella, vice president of carrier management and operations at Insurify. “If someone steals your phone or backpack off you while you’re at a library or dining hall, your policy could entitle you to a payout for the missing belongings. It’s a good idea to review your policy ahead of time to know whether it would cover you, and to what extent, in those situations.”

Deductibles are the amount that the policyholder has to pay toward a claim before insurance begins to cover costs. The most common deductible for college students is $1,250, according to Insurify’s survey. About 45% of students have deductibles between $1,000 and $1,500.

Insurify’s survey found a noticeable difference between the typical deductible for students who live in on-campus housing versus off-campus housing. Most on-campus students (62%) have a deductible of more than $1,000, while most off-campus students (66%) have a deductible of $1,000 or less. A higher deductible means that the typical on-campus student may pay less in premiums but will have to front more of the cost to replace their belongings if they file a claim.

The cost of renters insurance depends in part on the value of the renter’s possessions. Students with more valuable belongings will require higher amounts of personal property coverage. Higher personal property limits will lead to higher premiums since insurance companies would stand to pay more in the event of a claim.

A plurality of college students (33%) have between $20,000 and $29,000 in personal property coverage. Most students (61%) have coverage for under $30,000. Students who live in off-campus housing are more likely to have less than $30,000 in personal property coverage than those who live on campus (66% vs. 55%).

Insurify’s findings suggest that on-campus students — who tend to be younger and less experienced with renters insurance and managing finances — may overestimate how much coverage they need relative to older off-campus students.

State Farm (12%) and Liberty Mutual (9%) are the most common renters insurance companies college students use. When Insurify asked respondents whether their renters insurance is worth the cost, Progressive and USAA customers agreed more than others — each with 59% of customers saying their coverage is worth it.

Most students have filed a claim using their renters insurance (52%) — and most who submitted a claim had it approved (56%), entitling them to a cash payout after meeting their deductible.

Insurify found that students who live on campus are much more likely to file a claim than those who live off campus (64% to 35%). On-campus students, however, are more likely to say their insurer denied their claim than those who live off campus (31% to 12%).

The most common claims college students have filed involve damage from severe weather (31%) and accidental water damage (31%). An example of accidental water damage would be water running from a burst pipe, as opposed to a hurricane flooding or a flash flood, which renters insurance doesn’t typically cover.

About 1 in 5 respondents said they had filed a claim due to vandalism (22%) or theft (17%). Theft and vandalism protections are especially important when living in a communal space like a dorm building. In fact, 25% of those who filed a vandalism-related claim said the culprit was someone they lived with. Coverage against theft is helpful for the same reasons — and fortunately, theft claims have a higher-than-average rate of being accepted (70%), according to Insurify’s survey.

Coverages vary by insurer and policy, but the table below shows what standard renters insurance plans typically do and don’t cover. Students with lingering questions about what their policy would include can check with an insurance agent when they get an initial quote.

Nearly all college students Insurify surveyed (98%) said renters insurance comes with benefits, with more than half of respondents identifying peace of mind as a perk. Cost doesn’t seem to be a concern, with 35% of students saying renters insurance is inexpensive.

Additionally, more than 1 in 3 students (36%) said they can’t afford to replace their belongings without renters insurance. About three-quarters of respondents (72%) said they weren’t required to have renters insurance but chose to, indicating that many who consider renters insurance ultimately decide to purchase protection.

Students’ perceptions of the value of renters insurance vary based on their financial situation. Insurify found that the less income a student earns, the more likely they are to feel that their policy financially protects them. According to the survey, 85% of students who don’t earn any income said renters insurance protects them financially, 81% of those earning $45,000 or less felt similarly, while only 74% of those who earned more than $45,000 felt this way.

Insurify’s survey also found a correlation between students’ perceptions of renters insurance and their area of study. Results showed that 52% of STEM students said renters insurance is worth the money, compared to 43% of business students.

Similarly, the survey found students varied in how they shopped for renters insurance based on their academic discipline. STEM students are nearly twice as likely as art students to say they sought quotes from various insurers before buying (74% vs. 43%).

The right renters insurance policy should balance affordable premiums with adequate coverage. When picking a policy, college students should start the process by deciding how much coverage they want based on the value of their belongings. From there, they can figure out what they can afford in monthly premiums.

Renters insurance doesn’t cover every type of damage, and standard policies exclude certain items. Researching this information ahead of time can ensure that if a covered event strikes, students don’t end up expecting a payout for something they’ll ultimately have to replace themselves. About 25% of college students surveyed told Insurify they don’t know what their policy covers.

“It’s important for students to understand what coverages they have,” Stella said. “For instance, a musical instrument or expensive jewelry may require a special endorsement. And there may be a limit on the amount of coverage a policy provides for certain personal belongings, like electronics.”

Insurify found that 51% of students picked the policy their school or housing complex recommended. Although some students might prefer to go with the first option, researching other policies and companies could help them get a better deal. Additionally, some off-campus policies may only cover damages to the unit itself, so students should confirm their policy is true renters insurance, rather than liability coverage that benefits the housing complex. Researching policies is especially important as costs for renters insurance rise.

“Similar to home insurance, renters insurance premiums are increasing due to rising catastrophe losses and escalating replacement costs,” Mark Friedlander, director of corporate communications at the Insurance Information Institute, told Insurify. “Landlords are paying more for their property insurance coverage and passing along these costs to their tenants.”

To ensure college students get the best pricing, they can use comparison websites to see what different insurance companies would charge them for the coverage they want. Students can also keep premiums low by raising their deductible, though they’d have to pay more out of pocket in the event of a covered loss. In some cases, students can save extra by bundling their renters policy with their car insurance policy.

Once students feel they understand a potential policy’s coverages and pay structure — and have asked an agent any lingering questions — they can move forward and finalize their policy decision.

Insurify commissioned an online survey to collect proprietary data for this study. The survey sampled 750 U.S. college students, all of whom have renters insurance, are between 18 and 22 years old, and attend a four-year college. Respondents answered up to 15 questions regarding their renters insurance coverage. The survey was conducted from Feb. 12 to Feb. 18, 2025.

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