Laptop. Cell phone. Television. Clothes. Furniture. Gaming system. Bicycle. Textbooks. Start adding up everything your college student takes with them, and you might be surprised how much it would cost to replace it all. If there’s a fire, theft, severe storm, or another covered loss, where is the money going to come from?
Many parents assume, “My homeowners insurance covers my kid at college.” Sometimes there’s coverage for a student living in a dorm, but don’t automatically assume everything is covered. Coverage can vary depending on the policy, the student’s age, whether they’re considered a resident of your household, and where they’re living. If your student moves into an off-campus apartment or rental house, a separate renters insurance policy may be the better and sometimes necessary solution.
Renters insurance can do much more than protect a laptop and furniture. It typically includes personal liability coverage, which may help if your student accidentally injures someone or damages someone else’s property. It may also provide additional living expense coverage when a covered loss makes their apartment temporarily uninhabitable. For a student just starting out financially, those protections can be extremely valuable.
The good news is renters insurance is generally relatively inexpensive. If you have a child heading to college, let us know where they’re living before school starts. We can review your existing insurance and determine whether they’re adequately protected under your policy or should have a policy of their own. Which we have policies starting around 15.00 per month with replacement coverage on contents, liability and other options you can add on like pet damage or water damage.
Stay Tuned For Other Great Reads In This Month’s Newsletter
- Your College Student Calls at 11:30 PM: “Dad, My Car Won’t Start.”
- Could One Bad Accident Put Your Savings at Risk?
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