Do you need property insurance for college students? Let’s see, you’ve packed up the mini-fridge and the big-screen TV, the laptop computer and the game console, as well as the electric guitar and the amp. Not to mention all the clothing, hair products, and the futon. How you fit it all in the back of the SUV is a bit of a mysterious puzzle, but you did it. And now it’s just about time to head down the road and drop her off for another year away at college, complete with her iPhone, iPad, and iPod. Your iStudent is ready. But are you?
What happens when the iPhone goes through the wash? Or the big-screen TV and electric guitar wander off with another student who is having a tough time paying tuition bills? Or the fire alarms ring in the dormitory one night because someone left their hot plate plugged in one floor below. Your daughter escapes unharmed, but all her stuff is fried to a crisp or smoke-damaged.
Many people think that their homeowner’s or renter’s insurance will cover their college student away from home. This is often true when the student is full-time, lives in campus housing, and keeps their home address as their permanent residence. But what if a student is less than full-time? Or living in an off-campus apartment? Or making their college address their primary address? Then, a separate property and liability insurance policy is often required to ensure that your student is adequately covered for loss.
Another consideration is that homeowner’s insurance and renter’s insurance often have exclusions or high deductibles that make the loss of an electric guitar or a big-screen television unworthy of a claim. A deductible on a homeowner’s insurance policy can often be thousands of dollars. And limits and exclusions on electronics and other personal property may make a claim impossible.
So what can you do? Is there such a thing as “dorm insurance?” First, there are some special property insurance policies for college students that might be an inexpensive and adequate solution. These policies also often include extended liability coverages as well.
Another option is to talk to your insurance agent about the possibility of adding a rider to your homeowner’s or renter’s policy. Some policies have special additional packages that can be purchased at nominal cost that can extend the protection of your current policy.
Finally, you could also consider scheduling personal property on your insurance policy. Itemized personal property often carries a much lower deductible and is also a great way to extend your protection at a reasonable price. Check with your agent to make sure that scheduled personal property will protect valuables even when they are away in a college dormitory or other campus housing.
The cost of any of these options can range from pennies on the day to a few hundred dollars a year, depending on the amount of coverage desired and the value of the property being protected.
At Mountain Lakes Insurance, we make sure that families and their college students are protected for liability and the loss of personal property. We look at many coverage options from lots of insurance companies to find the best plan and the best price for you. As independent insurance agents, we work for you and not an insurance company. Please give us a call at 770-926-9444 if we can help you and your college student today. Or contact us online.