Covering Your College-Bound Child: Is Your Homeowners Insurance Enough?

Whether you’ve got a freshman son heading off for new student orientation in the next few weeks or a daughter wrapping up the final semester of her senior year, college is an exciting time for both students and parents, alike. Shopping for new books, new clothing and new computers is all part of the going back to school process. But one back-to-school task that’s often overlooked is making sure all of your student’s possessions are covered.
Here’s a quick guide to help you understand what your options are and if you may already be covered.
Homeowners Insurance
If you own a home, there’s a good chance your homeowners insurance policy may already cover your college-bound coed. If you’re child is under the age of 24, many policies cover up to 10% of the value of your homeowners insurance policy. In other words, if you have a $100,000 personal property limit on your policy,  you will only be liable for anything over $10,000. However, your child must be “a student enrolled in school full-time, as defined by the school, who was a resident of your household before moving out to attend school, provided the student is under the age of 24 and your relative.”
Keep in mind, while this is a common scenario, coverage varies by company so make sure to check with your insurance agent to be sure. And even if your policy does cover your greenhorn undergrad, it’s not uncommon for homeowners policies to have $1500+ deductibles. In that case, you may want to consider our next choice.
Renters Insurance
Renter’s Insurance policies provide a lot of the same protections that your homeowners policy does, in terms of personal property, but for a fraction of the price. A Renter’s Insurance policy tailored to cover a typical student’s belongings could be purchased for a couple hundred bucks with a very low deductible. The entire policy and deductible could cost less than your homeowners insurance policy deductible. A very good option considering dorm and off-campus housing life tends to involve a lot of people your son or daughter may not know very well, in close proximity to their stuff on a regular basis.
Umbrella Insurance Policy
If you have an Umbrella Policy for your home, chances are this, too, may cover some personal liabilities that are not normally covered under a homeowners or renter’s insurance policy. Umbrella Insurance policies can be a good idea for children that are living in off-campus housing or are brining an automobile to college. Once again, it’s a good idea to check with your insurance agent to see what scenarios are covered in a situation that may involve your off-campus offspring.
For more information on Homeowners Insurance, Renters Insurance or Umbrella Policies, please contact us at:
 
Chantelle Oliver, CISR
Insurance Consultant
2237 Lancaster Pike
Shillington, PA 19607
Ph~ 610-898-6531