Summer is coming to a close and the fall semester is looming right around the corner for returning and first time college students. While the thought of your child leaving the house for the first time in eighteen years can be stressful, making sure all of the expensive personal property your child is bringing with them is protected can give you some peace of mind. Most parents would assume that their Homeowner’s policy will cover their student’s possessions while they are away at school, which is a correct assumption, but both renters and home policies usually have a cap on the amount of off premises coverage.
According to Pekin Insurance, “Remember that a dorm room fits the definition of an insured’s residence, other than the residence premises. As such, coverage for the student’s items in that dorm room is limited to 10 percent of the personal property coverage on Mom and Dad’s homeowners policy. ” So while they may have some coverage under your policy, it isn’t usually enough to fully protect them from a loss. In other cases the student’s personal property is also not covered if the student lives off campus in a rented apartment or condo. Parents can check their policy or contact their independent insurance agency to see what their homeowners policy covers while their child is away.
If your student has renter’s insurance than their personal property will be protected from damage or loss and also they will be protected from a lawsuit if someone is injured while on their property. Most renter’s insurance policies have two basic types of coverage, which are personal property and liability. Our agents at Buttrey-Wulff-Mamminga can help you decide how much coverage your student might need while away at school. Pekin also offers the Young Adult Protection Plus endorsement available on an Auto policy which includes $5,000 of personal property coverage.
All the expensive gadgets like cell phones, computers, flat screen TVs, and even clothing can be fully covered in the event of theft, fire, or an unexpected circumstance. Having your child away from home for the first time can be hard for any parent, but at least you can get some comfort knowing their personal property is safe. For more information on whether or not to get renter’s insurance for your college student please contact our agents at Buttrey-Wulff-Mamminga.