It’s time to move your kid to college. Congrats Mom and Dad! You’ve chosen the college, collected supplies from stores and around your home… now look around at all that stuff! One thing college students have plenty of – is stuff! Protecting your personal property by purchasing dorm insurance (aka renters insurance) – will help everyone feel a bit more comfortable.
We think of your student’s dorm like a small apartment…
Their possessions include – gaming systems, computers, tablets, smartphones, graphing calculators, skateboards, bicycles, televisions, and yes – futons.
Are your kid’s belongings face greater risk than you’re comfortable with? What is the cost of replacing the valuables? Do you need a floater package to cover your more expensive valuables? Here are some insurance options to consider.
Renters Insurance will be necessary if your child lives in an apartment off-campus. Your homeowners insurance won’t extend there. Premiums vary based on the amount of coverage needed. Living off-campus is a very popular choice for students. The good news is that Renters Insurance is affordable. Renters policies cover only your possessions, not the structure. This makes the deductibles low as well.
Home Owners Insurance
Your homeowners insurance policy may cover your child’s possessions while they’re living in an on-campus dorm at no extra cost. There are limits with this option, plus claim deductibles are often not your friend. Going this route means also that any claim made for the dorm room will go on the homeowners policy. Multiple claims can raise your rates and can stay on your record for several years.
Our recommendation is to NOT use your Homeowners Insurance. Here’s why: Save your homeowners insurance for bigger claims… Claims involving damage to the structure and contents. Dorm Insurance is ideal for smaller losses like a stolen computer.