Sending your child to college is a big step in the journey of parenthood. While you might wish you could go with them, it’s time to le t them spread their wings and fly. But even though you can’t be your child’s suitemate, you can at least protect him or her as well as his or her possessions with your homeowners insurance policy.
That’s right – in many cases your home insurance will extend to your college student even when he or she is away from home. It’s a good thing; on average, college students report 20,000 burglaries on campuses each year, according to the federal Department of Education’s Office of Postsecondary Education. Aside from theft, your student’s possessions also are at risk for damage or destruction from fire, water, and vandalism.
How coverage works
Standard homeowners and renters insurance policies provide coverage for students as long as they are living in an on-campus dorm and their primary residence is still at home. Although every home insurance provider is different, sometimes it’s also required that the student be enrolled full-time and be under a certain age.
Talk to your insurer to find out if your student is eligible for insurance protection. You should also ask your provider about special circumstances like studying abroad.
Under your policy’s protection, your student’s stuff could have coverage from a variety of perils from theft to fire. However, keep in mind that your contents coverage has limits, sometimes as low as 50% of the coverage for the structure of your home. Check with your insurer to find out your policy’s contents coverage limits.
In the event your student’s possessions aren’t fully covered, you’ve got two available options - a floater or an endorsement. An endorsement is an add-on to your existing home insurance policy that raises limits for coverage of high-value items whereas a floater is a separate insurance policy for such items.
If your student lives off campus, you’ll need to talk to her or him about purchasing renters insurance. Renters policies are relatively inexpensive and will provide your student with the essential protection he or she needs. Beyond protecting possessions, a renters policy will also give your student personal liability protection –a necessity if your student’s place becomes the party house.
How to deter theft at college
Whether your student lives in a dorm or an off-campus apartment, here are few tips you can share to prevent theft:
· Always lock your dorm or apartment door. If you live in an apartment, consider getting a security alarm. It might even give you a discount on your renters insurance.
· Never leave belongings such as cellphones or laptops unattended – on or off campus.
· Never loan your neighbors or friends (or the pizza delivery guy) your keys. Access to your dorm or apartment should be restricted to you and your roommates.
· Invest in a safe or lockable trunk to secure valuables in your room while you aren’t there.
Kids still need parental guidance while they are on the path to independence. Sit down with your child and talk about how they can safeguard his or her possessions while at school. By taking the time to teach your student about protecting valuables, she or he won’t have to learn that lesson the hard way.
Contributed by Carrie Van Brunt-Wiley of HomeInsurance.com, an online resource for homeowners and drivers across the country. Offering comparative automobile and home insurance quotes, consumers rely on HomeInsurance.com for the most competitive rates from the top-rated insurance carriers in the country. The HomeInsurance.com blog provides fresh tips and advice on a range of financial topics to help homeowners and homebuyers make educated decisions about their insurance purchases.
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