What Are You? College Children Covered Under Are you looking for insurance?
It’s a mixed bag of emotions when the day arrives to send your child off to college. This is often a sign that your child will be moving on to adulthood, with more autonomy and less supervision.
As you hug them farewell, you’re not thinking about insurance — leave that to your agent.
Your child and your homeowner’s insurance
Homeowners’ and renters policies will cover a percentage of your child’s belongings if they live in a campus dormitory. Your deductible will apply and the claims will be recorded in your claims history.
Your personal possessions are covered by home and renters insurance worldwide, typically 10%. For example, if you have $100,000 in contents coverage, your insurance would cover up to $10,000 of your child’s belongings.
Minor claims are expensive
If there’s a catastrophic loss, replacing your child’s belongings could cost thousands. However, what happens if the damage is to a single piece of property like a laptop. You can expect your deductible to be at least $1,000, if your homeowners policy is all you have.
The school has many benefits for students, such as:
- Laptops
- Smartphones
- Wireless speakers
- Appliances for small spaces
- Smartwatches
- Digital cameras
- Bicycles
- Sports equipment
- Instruments for music
- Schmuck
- Books
- Furniture
- Clothes
- Shoes and bags
You might not be able to pay for these items if you have a policy deductible. It might not make sense to file a claim under your homeowner’s policy, depending on how your circumstances are.
You may decide to go out of pocket, or you might choose to switch to another method.
Different policy options
You can choose to have a separate policy for college-age children like:
- Renters’ insurance for personal belongings in their off-campus apartment or dormitory
- For their dormitory or on-campus accommodation, they can get Dorm Insurance
- Commuter insurance for their belongings while they’re on campus
Students policies can be affordable (under $500/year) and often offer benefits like:
- Lower per-occurrence deductibles
- You can choose the policy limit you want
- Worldwide coverage
The student will generally be the policyholder. Student dorm policies or commuter policies may not include personal injury or liability. Before you sign, verify the coverage.
Student insurance: Personal Injury and Liability Insurance
Most homeowners policies include liability and personal injury coverage. You can get coverage for:
- Slip-and fall accidents
- Dog bites
- Defamation
Exemple of Personal Liability
The school could be sued if a student holds a party on campus or off campus and that person is hurt. There’s always a chance a lawyer will name everyone present during the incident, including your child. You can get personal liability insurance.
Example of personal injury
Your child could face a lawsuit for defamation if they post something to social media, or make public accusations against another person. They’ll have to defend their case, no matter how innocent. You should ensure that your coverage covers emotional and physical injury.
Apartments Off-Campus
If your child lives off campus rather than in a school dorm, they’ll need their own renters policy. A renters policy for each child gives them more options and limits, but may cost you more.
College Home-based students
Your agent should also know that your student lives in their home. Your student might be involved in an incident with teacher or another student and their backpack may get taken. These situations can be covered by a student commuter insurance policy.
A few things insurance doesn’t cover
Many homeowners and renters do not include:
- Pest damage — Home and renters policies don’t cover pest destruction. If there’s a pest problem at your child’s dorm or apartment, they should alert the maintenance department to mitigate the infestation.
- Other people’s belongings — Insurance covers the people named on the policy. Your child’s roommate will need their own policy.
- Accidental damage — Most standard home and renters policies don’t cover accidental damage. Manufacturers, credit cards, warranty companies, and merchants all offer coverage for accidental damage. A few student policies also offer coverage for accidental damages.
- Data and identity theft — Homeowners and renters policies have electronics coverage for physical losses due to events like fires or theft, but not lost data. Although some plans offer identity theft protection for students, their response time may not be sufficient.
Keep your eyes open and encourage your child to be vigilant.
- Make sure you have good security measures in place Keep the doors locked, and don’t hold the door for people. Security keycards and locks are used to prevent criminals from entering the front door.
- You should keep your valuables out of reach. You can make it easier to steal expensive items like jewellery, jewelry bags, books, and electronic devices if they are not left out.
- Make sure they are safe. Don’t share passwords or banking, credit card or other sensitive information. Criminals may try to trick students into clicking on fake links or using scams such as tuition overdue.
- See what they have to say. Going viral for the wrong reasons can harm your child’s future and finances, particularly if it results in a legal battle.
- Take inventory of their possessions. You should keep a list of all valuables. It makes the claim process easier by keeping receipts, photos, documents, and even appraisals. Personal inventory apps make it easy to document.
We can help you protect your student(s)
Insurance can be thought of as an integrated strategy. Student insurance can be purchased separately, but homeowners insurance limits may need to be increased for greater claims.
Protect your college student, no matter where they are located.
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