As the kids head off to college and take their expensive laptops, tablets, and cellphones along with them, many parents will be saying goodbye to the kids and the technology. When they were little they left their lunch box at school almost once a week; lucky for them no one saw any value in taking a Spiderman lunch box. So many times the lost lunch box could be recovered in lost and found. In the age of technology the stakes are a little higher. It is hard to keep track of those high ticket items. Lost phones cost Americans about $30 billion a year and if your child is headed away to college it might not be covered. Review your homeowner policy and contact your agent with any questions on coverage for your family.
Insurance if your child lives in a dorm
Your homeowner’s policy typically covers your child’s belonging when living in a dorm but the coverage amounts differ. In most situations the homeowners personal property coverage will use 10% of the total personal property coverage or up to $1,000 (whichever comes first) to cover items in a dorm room. This means that item like laptops or tablets that cost over $1,000 won’t be fully covered. One solution is to purchase coverage for these items under Scheduled Personal Property coverage. Taking items away from home increases the possibility of items becoming damaged or stolen. Scheduled Personal Property will provide you coverage for the full amount listed on the policy for that specific item. It is like separate insurance coverage for the items that matter most. Another option is to have your college student get their own coverage through a renter’s insurance policy. They can assess their items and only pay for the coverage they need. Renter’s policies are generally less than $1 a day and will protect their belongings in and out of the classroom. A lot of college students live out of their cars and items such as cell phones or removable GPS are covered under a renter’s policy even if taken from their vehicle. Limitations may apply to individual items and you must meet the deductible on the policy.
Insurance if your child rents an apartment or house
Your homeowner’s policy will not cover your child’s belongings if they are not living on school property. If they are renting then we recommend purchasing a renter’s insurance policy. You can help them be prepared by logging into the online customer portal, My Security First, to add a renter’s policy and list yourself as an Additional Interest on the policy. Adding a policy to your already existing account will allow you to manage all your policies in one place. You'll have access to make premium payments, file claims, enroll in paperless and evaluate coverage. Our renter’s insurance policy provides liability coverage. Liability coverage is an important coverage that your homeowner’s policy will not cover if your student is away at school. If someone were to file a lawsuit against your child claiming he or she unintentionally caused them bodily injury or damaged their property, liability coverage can protect your child in these situations. If a friend twisted their ankle on clothing they left on the floor or they tripped over a college text book liability coverage will help pay their expenses. Also liability coverage covers defense costs—even if the lawsuit filed against your child is false, groundless or fraudulent.
Your student has enough to worry about with tests and term papers around every corner so help protect them and their belongings. It will save you time and money to obtain proper coverage and make sure your student will have the items they need all school year long.