Our college students take a lot of good things with them to college, sometimes it seems like they take everything but the kitchen sink when they go off to school. Initially it might not seem like this adds up to a lot of value; but if you stop to add up all the items and think about having to replace them all at once, the cost can be staggering. A lot of unexpected things can happen in student housing that could cause a big problem if a student leaves important or expensive items in their room. So what is the best way to protect your student against loss of personal property?
There are a number of options that depend on where your student goes to school and the type of coverage you want.
Your Existing Homeowners Policy
The first option is your own homeowners policy. If the student lives in a dorm or another property owned by the college, most of the time they are covered automatically against loss under your homeowners policy. But this will generally be limited to 10% of your homeowners personal property amount as a way of premises liability. This amount can be increased if needed as well.
The same policy deductibles would apply as well. Also the same limitations for items that may need to be scheduled would apply as well, such as jewelry, fine arts etc.
A separate renters policy may be required if your student does not live in a college owned facility. A renters policy is similar to your homeowners policy, but will not have coverage for a dwelling – though it can be very affordable, sometimes $150 to $250 annually.
Another coverage that can be equally as important is personal liability for the college student in case an injury may occur to a guest. This is included in both the parents’ homeowners policy or the renters policy. Depending on the extent of a bodily injury or property damage issue, personal liability can be more important than property coverages.
Ramey King Insurance partners with clients to provide the right type of coverage for their needs. For more details on this or related topics contact Ramey King at 800-453-9691 to speak with one of our insurance specialists, or visit our office at 320 Eagle Drive, Ste. 210, Denton, TX 76201.