Does Your College Student Have the Right Property Insurance Coverage?
With the fall school semester looming right around the corner, many parents may find themselves having to let go of their children for the first time as they make their departure several miles away to a college or university. As if this separation anxiety isn’t hard enough on the parents, they also worry about how they can protect their children without constantly being by their side. Although parents cannot monitor their students at all times while they are away from home, insurance can help put the parents’ and student’s minds at ease in the case of damage or losses to their property and possessions. It is important as a parent to be proactive and speak with a local agent to determine what options are available for covering your loved ones’ most prized possessions.
One thing that students and parents may not be aware of is that the college is not responsible for the property belonging to the student. Thus, if the dorm burns down or possessions are stolen from the dorm room, the college will not indemnify the student for the loss.
Although the easy answer is that the parents’ Homeowners policy covers their students’ belongings, that may not always be the best answer. Remember that a dorm room fits the definition of an “insured’s residence, other than the residence premises.” As such, coverage for the student’s items in that dorm room is limited to 10 percent of the personal property coverage on Mom and Dad’s Homeowners policy. In addition, liability from the parents’ Homeowners policy will also extend to cover the student.
But Mom and Dad’s policy may not provide adequate coverage. There may be a high deductible, some perils may not be covered (especially for some of the expensive electronic items that kids have these days such as laptops, phones, video games, and music devices), or the policy may impose special limitations on theft.
A Homeowners policy definition of an “insured” includes a student enrolled full-time who was a resident of your household before moving out to attend school for relatives up to age 24. Non-traditional students over the age of 24 will want to check their parents’ policy to see if their property is covered. Pekin Insurance offers stand-alone Renters policies to cover property of college students over the age of 24 (for students not living in a dormitory) as well as the Young Adult Protection Plus endorsement available on an Auto policy which includes $5,000 of personal property coverage. These options are reasonably priced and should be discussed with your local agent.
Property insurance can help alleviate unnecessary stress while your student is at school taking steps to attaining their life-long aspirations. Be sure to take action in protecting their tools and resources that they utilize on a daily basis by speaking with your local Pekin Insurance agent. Your agent can help perform a needs assessment for you and your student to help achieve that peace of mind that is rightfully deserved.
Personal Lines Customer Service Representative