Parents often ask about coverage for personal property their kids take with them when they go off to college. The car loads of stuff that get unloaded outside of dorms this time of year can easily each be worth thousands of dollars. Theft from dorms or off campus housing is usually the biggest concern.
For traditional students, the homeowner’s policy of their parents is generally sufficient and there is no need to buy separate renters insurance. The type of student least likely to have a problem at claim time would be one who carries a full time class load, comes home in the summer and graduates in 4-5 years. Most policies don’t differentiate between on campus and off campus housing.
But we want to stress that policy language isn’t universal from one insurance company to the next when it comes to property of students. It’s also a topic that needs to be revisited if a student’s situation deviates from the above “traditional” model. For example, most policies wouldn’t cover a part time student or a student who decides to take a semester off and live somewhere other than the parent’s home.
Age limits appear in some policies. This can mean a separate renter’s insurance policy would be needed for a grad student or older undergrads. Property of students can be a murky area so it’s wise to check back frequently with your agent and when there is any doubt; an inexpensive, separate renter’s insurance policy is the best solution.
Blog Authored by: Ken Mogren, CPCU