Students are beginning to start classes and are moving into their own places, many for the first time. Moving into college dorms, local apartments, or maybe even renting a house brings new responsibilities.
If anything goes wrong, how is your college student prepared? With your child away at school what is the next step you make if something happens to their home? Are you confident there level of living is covered?
Give them the protection and peace they need, but understand you options and how they change over the course of four… eh five… or more realistically six years.
College Student Renters Insurance Advice
Generally speaking most insurance carriers won’t cover student’s dorms in regards to a renters insurance policy, but if your student is renting an apartment, condo, or home their are advantages and additional protections that come with a renters policy we will discuss later.
As a homeowner even when your child is away at school, your home insurance should provide the needed coverage for their personal property.
Your property is covered under your homeowners insurance policy as long as it is within the coverage territory, which typically covers the United States and it’s territories. Although, protection for personal property often has specified limits stated in your homeowners policy. Be sure to seek an independent insurance agent’s advice to understand coverage limits and what items exceed coverage and what your next steps need to be.
Fine Print To Be Aware Of In Your Policy & What To Do Next
Your Homeowners Insurance policy will often have limitations to coverages even as specific as to what losses will be covered. Often homeowners policies will insure up to a specific financial amount or exclude loss caused by theft. We won’t know what is in your home insurance policy until we have one of our agents check and help you understand your coverages.
In order to protect your students belongings with existing coverage limitations in place we recommend scheduling your higher valued items on a separate endorsement policy under your homeowners coverage.
Items to consider endorsing under your homeowners include:
- Laptops
- Bikes
- Televisions
- Artwork
- Jewelry
According to your policy’s package and the limits on coverages adding endorsements on such items listed will provide the protection you need for your college student.
Stand alone scheduled endorsements are not the only way to provide protection for items exceeding the coverage limits, but it is an option to consider. This option often makes sense for college students renting a property, but isn’t always the best insurance decision and our agents can provide guidance to your unique circumstances.
An Additional Benefit Of Renters Insurance Coverage For Your College Student
Your home insurance policy will cover personal property in the dorm’s but will not cover your child’s apartment. Renters insurance brings protection that covers personal property, the cost of living if moving necessary, and any damage caused to someone else. This renter’s insurance coverage doesn’t simply stop at covering property loss, but steps in to be a thorough protection in times of need.
Renters Insurance provides coverage for indirect costs that may occur in the circumstances of a complete loss to the apartment, condo or home occurs. Meaning, if your home is lost due to a fire, flood or other disasters and it is considered uninhabitable, renters insurance pays for a place to stay of equal value.
When your child is away at school and something happens this coverage can help provide housing of equal value. In a time of uncertainty this can be a huge blessing while away at school.
As a college student discovering the world on your own, accidents can happen. Renter’s insurance also provides protection for harm caused to someone else. In a tight living quarters, similarly found on most college and university campuses if severe damage were to occur it will likely impact more apartments than just your own.
How To Know What Decision Is Best & Your Coverage Limits
The best way to know your coverage limits is to check with an insurance agent. Our independent insurance agents will review your policy and can advice you what limits your homeowners policy has in place.
Our agents may suggest one of three options to best insure your college student’s apartment:
- Separately schedule endorsements for each high value item under your home insurance and let your homeowners insurance policy cover the personal property.
- Have a blanket coverage to cover the personal property excess to your homeowners insurance policy limits.
- Get Renters Insurance for your college student and additionally receive coverage for indirect costs.
Our agents at Southern States Insurance will gladly advice you on the best decision to make to protect your child and their belongings. We care for our clients and give them guidance for their best interest.
Talk to us today and let’s be sure you are best protected.
Since we know your students are now safe with good insurance coverage protection put on your school colors and cheer on your team! We are on the brink of college football season starting and our office is ready for some Saturdays! Who is your team? Did your child go to a rival school?