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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Renters’ Insurance is an insurance policy which provides most of the benefits of homeowners’ insurance except it does not include coverage for the dwelling or structure. The owner of the building is responsible for insuring the building, but bears no responsibility for the tenant’s belongings.
Many rental properties include a requirement in their lease that tenants hold renters’ insurance (1) if the tenant damages the premises, (2) the landlord and other tenants can recover against the perpetrator’s insurance. It is important to know what type of damage your Renters’ Policy covers. Basically, there are three types of coverage available:
- Loss of use, or Additional Living Expense
- Personal Property
Additional Living Expense
Covers you and members of your immediate family living with you for living expenses over your usual expenses, when your home is uninhabitable because of a covered loss.
protection against loss caused by these perils:
- Fire, smoke, explosion
- Lightning, wind, hail
- Riot, vandalism, civil commotion
- Theft, burglary, robbery
- Weight of snow, sleet, and ice, debris removal
- Water damage from pluming and heating systems
- Freezing of plumbing and heating systems
- Bursting of heating or hot water systems
Covers you and members of your immediate family living with you against lawsuits arising from bodily injury and property damage as well as the cost of legal defense. Watercraft liability for many boats is included at no additional premium.
Special personal property coverage adds coverage for additional risks of loss subject to certain exclusions. Contact your Insurance Advisors Representative for details on these and Scheduled Personal Property items.
Personal Property Replacement Cost
Provides “new for old” coverage.
Source: Auto Owners Insurance Company