As you start to gather all the necessary items your college bound child needs for school don’t forget to think about insurance!
Most homeowners’ policies will provide coverage a student’s personal property if the student is living in dorms or university owned housing. It is usually around 10% of what a parents’ coverage is; if a parents personal property coverage is $100,000, a students’ personal property coverage would be $10,000.
Know what they took to college!
When you and your student pack for college, take the time to make an itemized list and photograph each item, and if available include a copy of the purchase receipt. This will make the claims process go much smoother if an item is lost, stolen or damaged.
Students living off campus might not be covered by their parent’s homeowner’s policy. A student can purchase their own renters policy that typically cost about $100 – $150 per year for $15,000 worth of coverage.
Coverage may vary from one insurance company to another, be sure to check with Insurance Advisors, Inc. for exact details of your policy.
By: Chistine Gaffron
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Insurance Coverage for Your College Student
When preparing to send your child to college, be sure to review their insurance coverage. It’s a good idea to take an inventory of your student’s property that will be moved to a dorm or an apartment.
Insurance companies consider college students to be residents of their parents’ home, temporarily residing elsewhere. Your homeowners insurance will generally cover your student if living in a dorm. They consider dorm-room contents to be “personal property, located off premises”. The liability limits will be the same as your homeowners policy, but coverage for personal belongings may be limited to 10% of your total possessions coverage (rules vary by insurer). Add up the value of your student’s property and make sure you have enough coverage…you may want to buy some extra coverage if this includes an expensive computer system and other valuable electronics.
Your home insurance policy may not cover your student if living in an off-campus apartment with a 12-month lease. In this situation, check with your Insurance Advisors Representative regarding how to handle the insurance coverage. Also, ask about any coverage limits if your student is traveling abroad…some companies, such as Chubb and West Bend provide worldwide coverage, but some others do not.
Let your auto insurer know that your child is going away to college even if without taking a car. If your student goes to school more than 100 or 150 miles away from your home and doesn’t take a car, you could get a big discount on your auto insurance premiums but still have coverage when your child comes home for holidays and vacations. If a car is taken to school, the premiums may rise or fall depending on the location of the college, where the vehicle is parked, and how many claims the insurer has had to pay in that area. Either way, many insurance companies continue to offer discounts on car insurance if your student maintains at least a B average.