In July 2014, The Arizona Republic published an article that described a local university as a "Mall for Theives". Considering recent studies, this seems to be true at many campuses across the country. For example, "the average college student has a 53% chance of having their bike stolen, and only 2.4% are ever recovered". Has your institution considered how the financial loss of a bike or a backpack impacts a student? For some students, a financial loss can cause a great setback, even preventing the student's college success.
No one argues that college is a large and important investment. Oftentimes a single back-pack is worth thousands of dollars. A 2013 survey shows that “college students and their families will spend an average $836.83” on back-to-college shopping", and data shows that 83% of students own a laptop, 70% own a smartphone, and 84% own an iPod or MP3 player.
What is often less clear is the impact of financial losses and who will help students overcome such financial losses.
Even though colleges are required to publish crime data through the Clery Act, many students and their families are not aware of the risks they may face on their college campus or how they can protect themselves from loss.
Research shows that the majority of state insurance commissioners recommend college students consider renters insurance, but a 2013 Insurance Information Institute poll conducted by ORC International found that while, "96 percent of homeowners had homeowners insurance, only 35 percent of renters had renters insurance."
While these numbers may not surprise you, what is suprising is the affordability of renters insurance. Generally students can protect themselves from personal liability and property loss for less than $15.00 a month.
Learn more about the risks your students face and how your institution can create a plan to mitigate risk by getting in touch!