This seems like a good deal due to the low premiums. But the likelihood of being dismembered according to the policy, is more unlikely than dying. The amount of coverage is usually limited as well. Recommend that students stay away from this type of insurance and buy term or whole life insurance. Like automobile insurance, this coverage is never offered by an employer.
Most people have their automobile and home owner's insurance through the same company.
Both home owners and home renters can get this type of insurance. The only difference is that the home owner's coverage includes the house as well as the property in the house. Again, people pay a premium for a certain amount of coverage. In the event of a fire, natural disaster, theft, or vandalism, the coverage will help pay to fix the house or replace possessions. Additionally, the insurance covers your liability of someone being inured in your home or on your property.