If you have a son or daughter attending a college or university away from home you should consider how they are covered for loss of their possessions while living in a dorm room or apartment. College students today arrive at school with a wealth of electronic gadgets including laptops, smartphones, ipads, tablets, flat screen TV’s and not to mention textbooks, clothing and furnishings. The cost of higher education today is often a financial burden for most families. So, its probably a good idea to guard against an unforeseen loss of your student’s possessions at this critical time of financial stress.

The easiest way to do this is through your homeowner’s or renter’s insurance policy. Most homeowner insurance policies will cover up to 10% of your personal property limit for possessions away from home. If your policy has a personal property limit of $100,000, your student could expect to have $10,000 worth of coverage for their possessions while away at school. You need to read your policy and understand the conditions that must be met for this to apply. Not all policies read alike and some may require special endorsements.

Another way to cover the risk is to purchase a separate renter’s insurance policy. The beauty of this method is that should a loss occur, your homeowner policy will not be called upon in a claim and you may avoid a price surcharge at renewal. You can also set the limit of coverage needed which could be greater than the 10% limit found in your homeowner policy. A renter’s insurance policy will also bypass any question that could arise about your son or daughter being a dependent or meeting a definition of being a full time student as may be required under your homeowner policy. Renter’s insurance is relatively inexpensive when compared to your homeowner policy and provides valuable protection.

Contact your independent insurance broker who can discuss what’s best for your situation or call us and we will be glad to help you determine your needs and provide a solution.