It’s not too late to update your insurance needs so you and your college-age child have the necessary 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. If you child has a computer, microwave, mini refrigerator, smart phone, television and a video gaming system in his dorm, will 10 percent cover the cost to replace these items if they are stolen, damaged or destroyed?
If you don’t have adequate coverage, you may want to increase your policy limit or purchase an additional renter’s insurance policy to ensure there is no gap in coverage.
For students living off campus, renter’s insurance is a must since homeowners policies will not cover personal belongings for students not living in a dormitory.
It’s not too late to compile a detailed inventory of your child’s possessions, which would include the purchase prices, model numbers and/or serial numbers of items they have at school. This information will help with filing a claim, how much to increase your homeowners policy limits or how much renter’s insurance to purchase.
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 877-376-8676 to learn more about insurance options for your college-age child.
