Health & Fitness
Your Child is Off to College - What about Insurance Coverage?
Your homeowners insurance may not extend to a child renting off-campus housing.
Take a look at what your child is bringing to school - a laptop or desktop computer, iPod, camera, cell phone and other valuable possessions. Do you any idea if any of those things are covered by insurance?
You have Homeowner's insurance, but Homeowner's insurance policies usually
cover children away at college only if they are living in on-campus housing.
Even if a student is considered a dependent under your insurance policy, his or
her personal property is most likely not going to be covered if he/she is
renting off campus.
So what do you do? Your child should consider getting renters insurance and here's why:
- Renters Insurance protects your personal property against any loss or damage. Your landlord's insurance will not cover your personal property in the event something is damaged or stolen as a result of a theft, fire or other unfortunate circumstance.
- Renters Insurance insures you in case someone is injured while on your off-campus property (i.e. a rented house, apartment or condo). Your renters insurance will not only cover those incidents that result in someone being injured at your place, but will also cover legal fees if you're sued.
- Renters Insurance policies only cost between $15 and $30 a month, depending on he size of your rental, your location and your possessions.
As a parent, you should also review your car insurance.
If your child is taking one of your cars away to school, make sure to check with your insurance agent to make sure that your child will be fully insured. If your child owns the car, make sure he or she will be insured within the state of residence.
