You may be wondering: Will a renters insurance policy cover my child while they’re away at college?
As your child gears up for a year away from home, a whirlwind of similar questions may be racing through your mind. Like what the crime rate is at the college your child is attending, or whether they’ll keep their expensive items safe? Ideally, your child will always lock their door and never forget to turn off the stove. But distractions and mistakes are never planned.
Imagine this—your child, say his name is Levi, left his dorm for a quick dinner with friends. But, after having a great time, he’s returned to an unpleasant surprise. His Herschel backpack, worth $90, is gone, along with his silver MacBook Air, a major $1,200 loss. His Kindle, valued at $100, has also vanished! Adding to the nightmare, his favorite Air Jordan 1 sneakers, priced at $180, and his Ray-Ban sunglasses he left on the windowsill, worth $150, are nowhere to be found. In total, Levi lost about $1,720 worth of his belongings.
Now, you’re receiving a call from a very distressed Levi, but wait! You helped Levi purchase renters’ insurance, so all is not lost. Although, you may be wondering, will renters’ insurance truly cover my child when they attend college? Generally, renters’ insurance covers personal property, but coverage can vary by policy, and it’s important to check the specific terms and limits of the insurance policy.
Will renters’ insurance cover my child when they attend college?
Renters insurance protects personal belongings, but not the building’s structure, as that’s generally the landlord’s responsibility. It can help cover your child’s belongings in case of theft, fire, vandalism and even wind. Now you may be wondering, how could wind damage personal belongings? Here’s a wild scenario—say there’s a massive windstorm. During this storm, a powerful gust of wind shatters a window in your child’s apartment. The strong wind knocks over a bookshelf, causing several valuable books and a small TV to fall and break. In this instance, you could make a claim because the wind caused damage to your belongings.
Ultimately, renters’ insurance will help in much more likely scenarios, like a house fire. If a fire destroys your child’s belongings or leaves them without housing, your renters’ policy could replace items lost and help provide funds to live elsewhere until their home is habitable again. Renters’ insurance also assists if your child is stolen from! Or say your child’s car gets broken into and their laptop is stolen. Now, their auto insurance would kick in to help fix the broken window and renters’ insurance would help replace the stolen laptop. Insurance can help save time, money and hassle for lots of scenarios. Now that we know what renters’ insurance can do for your college student, maybe the real question is why wouldn’t renters insurance cover my child attending college?
Why Wouldn’t it Cover My Child When They Attend College?
As with any insurance policy, there are things to consider and requirements to meet to properly protect against accidents that may lead to a claim. For instance, many policies do not cover damages due to negligence. So, if your child leaves their door unlocked and then is stolen from, their claim is likely going to be denied.
It’s also important to keep in mind that most renters’ policies have coverage limits for personal property. If your child has expensive items, they’ll want to ensure their insurance agent knows exactly what they need covered. Work closely with your agent so all bases are met, or better yet, you can provide your insurance agent with a list of items you’d like to have covered! In insurance land, we call this a home inventory list. This list will act as a safety net in case of fire or theft. In this list, include all valuables you’d like covered, take photos, keep receipts, and record their cost. Really, anything you can do to prove you owned these items will help in the event you need to make a claim.
Does your child have pets? If so, damage resulting from them may not be covered. Make sure their house cat has a scratching post!
Also, your child is most likely going to be traveling from home to school with their items. Renters insurance might not cover certain types of loss or may impose limits on the amount of off-premises coverage provided. Perhaps your child won’t be traveling from home to school, but from the dorm to school!
Let’s tackle the difference between dorm insurance and renters’ insurance, so you can better understand what type of coverage to provide for your college student.
Renters Insurance Vs. Dorm Insurance
If your child lives in the dorm and their university provides dorm insurance, that’s great! Though, while dorm insurance covers personal property, theft and vandalism, it lacks liability protection, off-premises coverage, and options for customization. Renters insurance provides a larger spectrum of protection, especially if your child has high-value items, like a MacBook, flatscreen TV or Xbox. Having to replace these items would cost much more than a year-long renters policy.
How Much Does Renters Insurance Cost & How do I Purchase It?
Renters insurance is considered fairly reasonable and affordable, ranging from $10 to $20 a month. Plus, purchasing a renters insurance policy is simple! Start by comparing policies from various insurance providers, focusing on the coverage amounts, deductibles, and exclusions. If you don’t want to go to the trouble of comparing multiple policies, you can always get in touch with an independent agent. Independent insurance agents work with multiple insurance carriers to provide policies tailored uniquely for their clients. Plus, you get personalized service!
If you have any questions or need help finding comprehensive coverage for your college student, you can call a YourPolicy agent at (866) 236-0203. Get in touch today to make sure your child has the right coverage.
Rental Coverage for College Students (FAQ)
Q: Will renters insurance cover my child when they attend college?
A: Typically, renters’ insurance may provide coverage for your child’s personal belongings while they are away at college, but this can vary depending on your policy. Many renters’ insurance policies extend coverage to students living away from home, often including protection for their personal property against risks such as theft, fire, and vandalism. However, it’s crucial to review your specific policy details or consult with your insurance provider to confirm the extent of coverage and any limitations. If additional coverage is needed, consider discussing options with your agent to ensure your child’s belongings are fully protected.
Q: What types of coverage does renters insurance provide for college students?
A: Renters insurance typically covers personal property, such as furniture, electronics, and clothing, against risks like theft, fire, and vandalism. For college students, this means their belongings can be protected while they live in dorms or off-campus housing. Check with your insurance provider to understand the specific coverage details and any possible exclusions.
Q: Are there any limitations to renters’ insurance coverage for students?
A: Yes, there may be limitations. Some policies might have a cap on the amount covered for items away from home or exclude certain types of property. It’s important to review your policy or speak with your insurance agent to understand these limitations and ensure adequate protection for your child’s belongings.
Q: How can I add extra coverage for my child’s belongings while they are in college?
A: If your current renters insurance policy doesn’t provide sufficient coverage for your child’s belongings, you can often add extra coverage or an endorsement. Speak with your insurance provider to explore options for increasing coverage limits or adding specific protection for valuable items.
Q: What should I do if I need to file a claim for damaged or stolen items at college?
A: If your child’s belongings are damaged or stolen while they are at college, contact your insurance provider as soon as possible to file a claim. Provide detailed information about the incident, including photos and receipts if available, to support your claim and ensure a smooth claims process.
Q: Does my current homeowners policy cover my child’s belongings while they are away at college?
A: In some cases, a standard homeowner’s policy will provide coverage for your child’s belongings while they are away at college. Typically, homeowner’s insurance extends coverage for personal property, even if it is temporarily located away from your home. However, there may be coverage limits and specific conditions, such as exclusions for certain types of loss or damage due to negligence. It’s important to review your policy details and consult with your insurance agent to ensure your child’s possessions are adequately protected and to understand any applicable limits or requirements.
