While you already have enough to worry about when your child leaves for college, you don't want the specter of them dealing with the theft or damage of their possessions while there.
For about $150 a year, you can protect your child's possessions against theft or damage caused by fire, lightning, smoke, vandalism, electrical surges, windstorms or hail, water damage from utilities or appliances, and more. The same insurance also provides liability protection for students living off-campus.
Considering that a laptop can cost anywhere from $500 to $2,000, that $179 premium to replace such items doesn't seem so bad.
Also, your child likely has a number of other expensive items, such as a smart phone, TV, tablet, computer, printer, furniture, clothes, jewelry or bike. In other words, plenty of pricey stuff.
What kind of insurance does your student need?
Renter's insurance, but they may not need it, depending on your current insurance coverage.
An added benefit of purchasing a renter's policy in the student's name is that any claims filed will not be on the record of the your policy.
Some insurers allow students rooming together off campus to purchase a joint renter's policy, whereas others require that each student has renter's insurance.
Does your homeowner's policy cover your child?
Homeowner's policies typically cover the belongings of students younger than 26 who live away from home and are enrolled in classes. But policies vary, so call us to learn the specifics of what is and isn't covered in your own policy.
But if you rely on a coverage extension from your homeowner's policy, your student would have limited coverage on their possessions, as most policies limit the amount of insurance to 10% of the total coverage for personal possessions. Some possessions, like jewelry, electronics and computers, may have coverage limits.
If your child lives off-campus, the possibility exists that their personal property will not be covered by your homeowner's policy.
How much coverage would I need?
Ask your child to create an inventory of the items they have at college. From that you can make an informed decision about the amount of coverage they need and whether any specific endorsements (like jewelry coverage) should be purchased.
Creating an inventory is easy. An Internet search will provide inventory templates that your child can fill out and send home to keep off-site. Your child can also use a free iPhone or Android inventory app called myHOME Scr.APP.book.
Back up this written list with photos or videos of valuables.
How else can you protect your kid's belongings?
Aside from purchasing insurance, here are some common-sense tips you can share with your child.
It's easy to gamble and say no to insurance. But for an average rate of under $15 a month, you can get peace of mind, and if the unexpected happens, you'll be covered
An AssuredPartners Agency
In February 2020, Molyneaux Insurance joined AssuredPartners, the 11th largest insurance brokerage in the U.S. This partnership provides us access to additional capital and a national footprint that enables us to continue to negotiate the most favorable coverage terms and conditions for our clients, and allows us to provide an even broader spectrum of risk management support services.