It’s that time of year when parents send their college students back to school. To avoid potential financial disasters caused by stolen property, the following are items for parents and students to consider:
Most homeowners policies provide 10 percent of Coverage C (Personal Property) for property owned by an insured that is at a residence other than the insured’s. If the contents of a policyholder’s home are insured for $150,000, a student’s property would be covered up to $15,000 if living in a dorm room, apartment, or house off of campus. Of course, this is assuming the damage is caused by a covered peril and the student meets the definition of an insured.
Also keep in mind, that certain items, such as jewelry or expensive electronics, may have separate limits on the amount of coverage provided. In this instance, proper coverage may require a “rider”, which you will want to discuss with your insurance professional.
In instances where the student does not qualify for coverage under Mom and Dad’s policy, a renter’s insurance policy for the student is recommended.
To make sure your students’ property is properly insured, please reach out to one of the insurance professionals at Hatter, Williams & Purdy Insurance.