What You Need to Know About Insurance Before Your Student Leaves for College

Father and Daughter hugging

You’re just about ready to send your student off to college.You’ve made sure they have everything a college student needs for their dorm room or first apartment. You went over and over again with them the importance of safety and all the pitfalls you encountered in college. You’ve thought of everything, right?

Before you drop your student off for their first big adventure on their own, there are a few things that you and your college student need to know about insurance.

Aren’t They Covered Under My Homeowner’s Policy?

If your student continues to list the family address as primary then they will be covered on your homeowners policy; however, it is an amount that is only up to 10% of the personal property coverage listed in the homeowners policy.  When you consider that they are packing up everything they own, often including stereo,entertainment and gaming equipment, laptops and miscellaneous technology that most Millennials own, the situation could be pricy in the event of theft or disaster.

On Campus or Off Campus

Whether your student lives in a dorm or apartment, the loss of these personal items is not covered by the institution or landlord beyond the percentage mentioned above as it relates to the parents’ homeowners policy.Although there may be a difference in the percentage covered depending on whether they are living on or off campus.

The Benefits of Renters Insurance

Renters Insurance is often not something at the forefront of parents’ minds when preparing a student for college, but it’s an oversight that can be very costly if neglected. Most would be surprised to learn that Renters Insurance is quite affordable and will not only provide liability coverage, but the insurance of your student’s possessions as well.

Consider what your student will be taking with them and decide whether this coverage will be worth it for you and your family. And congratulations to the new grad! We wish them all the best in their future endeavors.

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