As students head off to college they often take with them many pieces of personal property. This property is often new and specifically purchased for their time in college. Items could include new computers, tablets, tv sets, video game consoles, clothing, room décor, sporting equipment, and jewelry.
The cost of these items can easily be in the thousands of dollars and are a considerable investment. These pieces of personal property should be protected against theft, damage and loss.
As with other life events, a child going away to college is a good time to evaluate what changes or additions need to be made to your insurance policies. In the case of a child starting college some coverage may be available under your homeowner’s and personal auto policies that could extend to the child. In general, a child who resided in the household prior to attending school is included as an insured up to the age of 24. Insurance policies, however, vary from one insurer to the other, so its important to ask your insurance professional what coverage is needed and to what extent existing policies may cover those needs.
Its also important to remember that there may be a limitation on the amount of coverage on personal items away from the parent’s home and limitations on time which could include no coverage for property left at school during breaks. Do a home inventory of the items needed to be covered to discover whether there will be enough coverage or not.
Also, deductibles and exclusions under the family policy would also apply to a student’s personal property while they are away.
Due to some of these limitations or non-coverage a Renter’s Insurance policy may be a good solution to properly insuring a college student.
Who need renter’s insurance at school?
Where the student lives is a major factor in whether they need insurance.
Living in a dorm, apartment or fraternity or sorority will each represent a different scenario for content insurance.
Living in a dorm
Before moving into a dorm check the school’s policy on student losses. While most colleges do nothing, some may reimburse you for specific instances. Even if they extend a small amount of coverage to you, it is still usually not enough to protect a student’s property completely. Your insurance professional can determine if your homeowner’s policy will extend to your student’s dorm and provides adequate coverage.
Living in a sorority / frat house
Sororities and frat houses typically have a homeowner’s policy that covers the building and liability only. The college student’s personal property may not be covered on this and just like those students living in the dorm a review of the parent’s policy is in order.
Living in an apartment
Living in an apartment is the one scenario where your college student needs his or her own insurance policy.
A renter’s insurance policy will not only cover your student’s need to protect personal property, it also insulates a parent from having to make a claim on their homeowners insurance. This will also satisfy a landlord’s requirement for the student to have insurance.
How much does renter’s insurance for college students cost?
One of the good things about renter’s insurance is that it is designed to be simple and very affordable. The rates will vary depending on how much coverage the insured needs and the deductible that fits them best. Renter’s insurance is often less than a dollar a day. A small price to pay for added peace of mind.
Contact BR Insurance Advisors Agent, Bill Bortolotti at 630-442-7910630-442-7910 to review your homeowner’s policy or to answer any renter’s insurance questions you may have.
