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Do College Students Need Separate Coverage For Personal Property?
2009-11-16
College students are bringing more expensive tools with them to college, and as a result parents are concerned that these items may not be covered by their home insurance. Parents have a couple of options in regards to their college-bound children's possessions: they can either check their existing home insurance policy or look into purchasing separate home insurance coverage for the college student in the form of renter's insurance.
The easiest coverage to achieve is for the policy owner to check his or her existing home insurance policy to see if the policy will cover a child in college. Some policies will cover the policyholder's child if the student is living on campus. However, the policy could contain provisions regarding the age or academic status of the student, so it is best to fully understand the home insurance policy's provisions. This will help to ensure that the policy will cover the student if necessary. If the parent's home insurance policy will not cover the college student, then the policyholder can check into renter's insurance.
Purchasing a renter's insurance policy may be the only option available if the child lives off-campus while in university. This type of coverage comes in three forms - personal property insurance, liability insurance, and personal property/liability insurance. The form most purchased by parents for their grown children is personal property home insurance coverage to protect the child's electronics and textbooks. If the student will be living with roommates, it might be best for the parents to talk to the student and the roommates in order to determine if they want to go in on a policy together. The amount of the insurance they will need should also be determined before the decision to buy insurance is made. If the student or parents could easily replace the items rather than purchasing insurance coverage, then paying for renter's insurance may not be in the best interest of the student. However, this is a decision that is strictly personal and should be discussed with a professional insurance broker.
The choice to purchase extra home insurance coverage for a grown child leaving to attend college is a decision that takes may factors into consideration. The best course of action is for the parents to check their existing policy to see if it is even an issue and talk to their insurance broker to further explore their options. The professional home insurance broker can help the parents determine how much coverage is necessary and discuss the options with both the parents and the college bound child. It is best for the college student to have home insurance, however the decision should be made in a smart manner.