Whether your son or daughter will be living in a college dorm or in an off-campus apartment, you need to update your insurance so you and your child have the necessary insurance coverage.
For college students living in dorms, most homeowners policies will cover personal belongings up to a certain percentage (usually 10 percent) of the personal property limit stated in your homeowners policy. So if your child is planning on taking a computer, microwave, mini refrigerator, tablet or e-reader, smart phone, television and a video gaming system to school, will 10 percent cover the cost to replace these items if they are stolen, damaged or destroyed?
Check the coverage limits of your policy to make sure you are adequately covered. If you aren’t, you may want to increase your policy limit or purchase an additional renter’s insurance policy to ensure that there is no gap in coverage.
For students living in off-campus housing, renter’s insurance is a must since homeowners policies will not cover personal belongings for students not living in a dormitory.
Create a detailed inventory of your child’s possessions to help if you need to file a claim and to consider how much to increase your homeowners policy limits or renter’s insurance to purchase. This inventory should include the purchase price, model numbers and/or serial numbers of the items they are taking to school.
And since college students are more vulnerable to identity theft, review your homeowners policy to see if it includes identity theft coverage and whether it extends to your child attending college and living away from your primary residence.
Call E. R. Munro and Company at 1-877-376-8676 to learn more about insurance options for your college student.
