Have Children Away at College? Make Sure Their Property is Covered Against Loss and Theft!
Important Information About Your Homeowner's Insurance
If your son or daughter is heading off to college this fall, it is extremely important to know what kind of coverage their possessions have in the event of damage, loss, or theft. In general, if your child is living in a dorm, they should have the same liability limits that they would have when they are in your home. Typically, your homeowner's insurance will cover up to 10% of your total possessions that are outside of your home. For example, if you have a $300,000 homeowner's policy, most cover possessions up to 70% of the home-coverage limits. This means that your policy would cover up to $210,000 worth of your in-home possessions, leaving up to $21,000 in coverage for possessions that are off of your personal property, such as in a dorm room.
Keeping this in mind; it is important to know that many homeowner's policies do not cover your student if they are living off-campus in an apartment. Due to this; there are several steps that you need to take to ensure your child's possessions are properly covered:
- Add up the value of your student's possessions to make sure that you have enough limited- liability coverage.
- If you don't believe you have enough coverage, it is a good idea to purchase some extra coverage for the expensive items, such as laptops and other electronics.
- If they are living off-campus, look into obtaining a separate renters' insurance policy
- These policies are surprisingly inexpensive, generally just a couple hundred dollars a year, which would cover all of their possessions!
- Each of your child's roommates should also obtain this renter's insurance to cover their possessions and liability.
- Take an inventory of your student's possessions when they move into their dorm or apartment, including keeping receipts for expensive items.
- This helps make the claims process go more smoothly in the event that something happens.
Before your son or daughter heads off to college, please contact us regarding your current homeowner's policy. We would be glad to assist you with ensuring that your student's possessions are properly insured. Contact us today at info@rarisk.com or call us at (800)-564-0169 / (410)-833-7666