Your kids have gone off to school. Some are going for the first time, others are returning for another year of studies. Suddenly you’re being bombarded by unsolicited mail and pop-ups offering anything from finance to computers to insurance. But do you need any of it? Do you need extra insurance for your kids’ belongings when they leave home for school?
Most home insurance policies provide cover for college students under the age of 26 living in college dorm rooms. The differences are in the details. Some policies will provide full coverage—no different than when your child is living at home. Others will impose limits—a percentage limit is most common. To be sure you understand exactly what coverage you have, read your policy or talk with your agent. If you like what you hear, you’re all set.
But what if you decide you don’t have enough cover? Maybe your insurer’s limits are too low, or perhaps your student has moved into off-campus accommodation and is thus no longer covered.
In the case of off-campus accommodation, your best bet is to take out an inexpensive renters insurance policy. Essentially this gives your child all the benefits of their own policy, similar to your homeowners policy but typically far more affordable. Such insurance will provide cover for personal property, accidental damage to another person or another person’s property, and for any medical expenses should someone be injured while they’re in your child’s accommodation.
If your child is staying on campus, you may still want to increase your cover if they have expensive personal items. Once you know what your insurance limit is, you can tally up your child’s valuables and, if you think you need extra, talk to your agent about your options.
We all know that college is expensive but having the right insurance can, at least mitigate the costs should anything get lost, stolen, or damaged. Don’t wait until the worst happens, talk to your agent today—it always pays to get educated!