RALEIGH, N.C. – As college students get settled into campus housing across North Carolina this week, the state insurance commissioner is sharing advice to protect them and their property: Get renters insurance.

According to North Carolina Insurance Commissioner Mike Causey, this type of insurance is not a luxury but a necessity for students living away from home.

He says renters insurance covers more than just personal belongings in the event of fire or theft. It offers protection against a range of issues that students might not initially consider.

“If you don’t have it, you’re going to have to pay for it out of your pocket,” Causey said. “It has medical expenses, some liabilities. If you have to leave because a pipe breaks or something like that, you have to get out of the housing. It will pay for additional housing costs, restaurant meals, hotel bills, all sorts of things that we don’t think about.”

In addition to covering the cost of damaged or stolen items, renter’s insurance can be a lifesaver in emergencies.

“If you have somebody that comes to visit you in your room and they’ve been partying a little too much and they hit their head on the cabinet and they have to have stitches, these things will actually pay for a trip to urgent care, pay for minor medical expenses,” Causey said.

He says it can also provide liability coverage if accidents occur, such as breaking a window or causing other damage that leads to a legal dispute.

“This is the most inexpensive insurance there is,” Causey said. “For a basic policy, you’re looking at maybe $10 to $12 a month. Even if you have a top-notch $300,000 coverage, it would be in the neighborhood of maybe $20 to $25 a month.”

A recent survey from the National Association of Insurance Commissioners found 35% of Generation Z adults have cellphone protection plans, but only 21% have renters insurance.

For students worried about the cost, Causey reassures that the benefits far outweigh the minimal expense. “It’s a bargain,” he said. “I would highly recommend renter’s insurance because your landlord’s policy won’t cover your stuff.”

Causey suggests taking a simple inventory of your belongings to understand the value of what you have.

“Just go around the room with your cellphone and take a picture or video of everything you own,” he said. “It will add up much quicker than you think if you try to put a dollar value on that.”