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Fall can be a busy time of year, especially if you have children heading off to college.
You've got to make sure they have all the stuff they need to live away from home, such as linens, clothes, electronics, and cleaning and school supplies.
As you rush around getting them prepared, it can be easy to forget about insurance.
But you want to make sure all of their possessions are protected, such as expensive computer or musical equipment.
Many insurance companies offer limited coverage of personal possessions as part of the parents’ homeowner policy. Here are two ways your child’s possessions could be covered if your insurance company considers campus housing a secondary resident:
1. As a percentage of the personal property limit on your homeowner policy. For example, if you have $150,000 in personal property coverage, your student may have 10 percent of that, or up to $15,000, in coverage for belongings taken to school.
Keep in mind, however, that liability coverage may not be included, leaving your child unprotected for incidents involving bodily injury or property damage to others.
2. As part of the personal property limit that is included in your homeowner policy. Some insurance companies will include the student’s belongings and liability in your personal property limit.
So, if you have $150,000 in personal property coverage on your homeowner policy, this would include items your student takes to school in addition to the items in your home. Liability coverage is automatically included.
Of course, there are some insurance companies who contend that being away at school for nine months is long enough to require a separate renter’s policy. This is especially true if your student lives off campus in a house or apartment.
A renter’s policy will cover your student’s belongings, as well as any bodily injury or property damage. In most situations, each roommate needs his or her own separate policy, but renter’s insurance is usually quite affordable.
Depending on your child’s circumstances, there also might be other variables to consider, such as expensive musical instruments or sports equipment, or even going to school abroad. That’s why we always suggest contacting your insurance agent to make sure you and your entire family have adequate coverage.
If you have a child who has headed off at school and would like to make sure his or her belongings are protected, please give us a call at 720-210-9898.
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