What kind of insurance does my student need to protect her computer, stereo and other personal possessions?
Students’ possession may be covered by their parents/guardians homeowners’ insurance policy even when residing off campus. If this is not the case, students are strongly encouraged to have a renter’s insurance policy to protect against damage or theft. Landlord’s insurance policies oftentimes only provide coverage to the rental structure and not to tenant’s property.
As students review their to-do lists and begin packing for the move to a residence hall or off-campus apartment, they should also be thinking about how to insure their possessions in their new home. Parents might want to help their students go over their options. Many parents choose to add their college student to their existing homeowner’s policy. This is often the less expensive option, as long as the student’s primary residence remains the parent’s home. If your student rents an apartment, however, the insurance company will likely consider that to be his primary address. Downsides to adding your student to your homeowner’s policy may include the need to add a rider to your policy, the possible effect of claims made by your student on your insurance policy and rate, and the possible inadequacy of coverage due to caps and high deductibles. Renter’s insurance is another possibility for your student and you to consider. This will allow you to tailor coverage for your student’s specific
Check with your existing homeowners policy. Many policies will cover the personal possessions of college students living in residence halls. You may, however, need to purchase additional coverage for items such as computers, jewelry, cameras, etc. If your student rents an apartment, however, the insurance company likely will consider the apartment to be his/her primary address and that may necessitate the purchase of renters insurance. Carefully review your circumstances and your options with your insurance broker or agent.
