Average renters insurance rates in the top 60 college cities and towns

Average renters insurance rates in the top college cities and towns

Insurance.com created a list of 60 towns and cities either known for having large student populations or for being home to many of the country’s most well-known colleges and universities, or both.

In the table below you can see how much renters insurance costs, on average, in your college town or city, for a renters policy with coverage levels of $40,000 for personal property, a $1,000 deductible and $100,000 of liability protection. 

New Orleans, Providence and New York are the priciest, while Madison, Hanover and Burlington are the most affordable. Can't find your city or town on the list? If you want to know rates for anywhere in the country for 75 different coverage levels, use our average renters insurance rates tool to find out.

Do college students need renters insurance?

Some college students do need renters insurance. It depends on how much personal property you have with you and whether you still count your parents’ home as your primary residence.

If a college student is still technically living at home, and lives in a dorm during the school year, their personal property will be covered by their parents’ homeowners insurance policy. Homeowners insurance covers personal property off-premises at 10% of the total coverage available. That’s generally enough for the small amount of property a college student takes for the year.

However, if you’ve completely moved out and have your own place, whether that’s a solo apartment or a home shared with roommates, you need a renters insurance policy to protect your personal property.

A lot of young people skip renters insurance, believing they do not need it. But that can be a mistake, according to Justin Herndon, spokesperson for Allstate.

“Don’t underestimate how much stuff you actually own,” he says. “If you’ve got a laptop, you’ve probably got a smartphone. If you’ve got a guitar, you’ve probably got an amp.”

How much is renters insurance for college students?

Renters insurance rates don’t differ based on age, but they do differ based on location. That’s why we gathered average renters insurance rates in major college towns. But looking at renters insurance rates overall can be helpful, too. Not everyone goes to school in a big college town.

 Compare average renters insurance rates for college students below.

Cheap renters insurance for college students

Like other types of insurance, the best way to save on renters coverage is to compare prices among companies. The table below shows rates by company for a policy of $40,000 in personal property coverage with a $1,000 deductible and $100,000 in liability.

Enter your state in the search field to see what you can expect to pay in your location.

Why should college students have their own renters insurance policy?

While there are situations in which your parents’ homeowners insurance may provide enough coverage, you may be better covered by your own renters insurance policy, especially if you rent an apartment and own all of the furnishings and other contents.

Herndon notes that the average renter owns $30,000 worth of stuff. Although college students likely own less than that, they might own more than they think. Renters insurance covers everything in your home against damage or theft.

At least a portion of your renters insurance also covers you away from home. So, if you travel to Canada or study in Europe, your renters insurance will cover you if someone steals that laptop.

“Wherever you go, your insurance coverage travels with you,” Herndon says.

In addition, renters insurance can protect you from a costly lawsuit or other costs if you are responsible for injuries or damages to someone else.

“If someone’s injured at your place, it could cover their medical expenses,” Herndon says.

Renters insurance also can reimburse temporary living expenses – such as paying for a hotel room – if your apartment becomes uninhabitable due to fire, flood or another situation.

Renters insurance for college students: Frequently asked questions

How does renters insurance work if my parents co-signed my lease?

Many students have to turn to their parents to co-sign the apartment lease. In such a situation, the student can be the named insured on the policy, with the parents endorsed as an additional nonoccupant insured, Herndon says..

Can I get a renters insurance discount by bundling with my car insurance?

Yes. Most insurance companies offer an auto and renters insurance bundle with a discount on both policies.

Should I share a renters insurance policy with my roommates?

If you have a roommate, you should not share the policy with your friend. Instead, you each should have your own separate policies. Here’s why: it’s true that you are allowed to share a policy, and this saves money if you split the cost. But the savings is minimal, considering the total cost for coverage is typically under $200 a year. And, if a claim is filed on the policy it will be on your claim history for three to five years, regardless of who filed the claim. That means if your roommate ends up making numerous claims on the policy you could end up paying higher premiums for renters (and other types of insurance) long after you have moved out.

Should I get renters insurance for a college dorm?

Maybe. As noted above, if you still live at home as your primary residence, your parents’ home insurance coverage will extend to your property in the dorm at 10% of the personal property coverage limit. However, it’s important to consider the value of the items you’re bringing to your dorm and whether there’s enough coverage under your parents’ policy to cover everything. Renters insurance may provide better coverage.

Helpful home insurance tools and calculators

• Home insurance calculator
• Condo insurance calculator
• Renters insurance calculator
• When to file a home insurance claim

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