When your child goes to college, are their possessions covered by your homeowner’s policy? Like everything else, it depends. We recommend you discuss this with your insurance agent to make sure that you know the best ways to keep your kid’s items protected.
On campus housing:
Most student personal possessions are covered under their parents’ homeowner’s or renter’s insurance policy if the student lives in a dormitory.
- There may be some limitations on how much it is covered for as “off premise possessions” are handled separately so always check with your agent to make sure it is enough to cover their belongings.
- Encourage students to leave expensive jewelry and the like at home. Only bring essentials to school.
Students who live off-campus are most likely not covered under their parents’ homeowner’s insurance policy and need to purchase their own renter’s insurance policy. These policies are typically very inexpensive, often between $15-30/month!
- Rental policies typically provide coverage for the personal property and liability coverage.
- Discuss the importance of a “replacement cost policy” vs. an “actual cash value policy” with your agent.
- Many renter’s policies will pay the extra cost to live somewhere else temporarily if the student needs to move out for a while if the apartment is damaged. This can happen in a building full of students!
- Note: If the student lives in a rented apartment, house or condominium, the landlord’s insurance doesn’t cover your personal property in the event that it is stolen or damaged as a result of a fire, theft or other unexpected circumstance.
- If more than one student rents an apartment, house or condo, they each should have their own renter’s policy.
- If your student is traveling abroad, ask you insurance agent if the renter’s policy includes coverage outside the US.
Compile an inventory of student belongings
In either case, it is good practice to create a list of the items the student is taking to college. This inventory will be helpful if the student’s property is stolen or damaged.
- It should include the brand, make and model of each item, as well as serial numbers.
- A photographic record is also helpful, especially if the student has personalized the laptop or tablet with a custom skin.
- Keep the inventory in a safe place, along with receipts for the most expensive items.
- The receipts will help establish value if the parents obtain replacement cost coverage.
Have questions? We are here for you- anytime. Don’t hesitate to reach out and we’d be happy to answer any of your insurance questions. We can be reached at www.keslarinsurance.com or 603-273-0953. Keslar Insurance Agency is an independent insurance agency offering business, home, auto and life insurance in NH and in ME.