With most college students living in dorms or off-campus housing, they should review their family’s insurance policies to ensure they have adequate coverage for their personal belongings.

With expensive electronics, sports equipment, and furniture inside many student apartments, it’s essential to ensure you have coverage for these items.

Unfortunately, many of these students will not have any insurance coverage under their parents’ homeowners or renters policies.

The Insurance Information Institute recommends doing the following before your child goes to college:

1. 1. Create an inventory to document your savings home: The I.I.I. suggests making a list of all the items your student will be taking with them and listing their estimated value.   To make the process easier, you can use a free web-based software called know KnowYourStuff.org. Be sure to note specific high-value items, such as a computer, camera, or musical instrument, and scan receipts into the system to document their retail value.  Having an up-to-date inventory can help determine how much insurance to purchase and facilitate the settlement of insurance claims faster in the event of theft, fire, or other types of disasters.
   2. Check your homeowners or renters policies for off-site coverage: Many homeowners and renters policies will provide some financial protection for your college student’s personal possessions while they are away from home and residing on a college campus.  These policies will limit the amount of coverage to 10 percent of the total amount of the policy’s overall coverage for personal possessions.  In both cases, the student’s possessions would be covered for the same disasters that are in a standard homeowners or renters insurance policy.  These include fire, theft, vandalism, and natural disasters, such as a hurricane.  The student would not be covered for typical college-type mishaps, such as accidentally spilling coffee on an expensive electronic device.  Keep in mind, however, that some policies do not provide coverage for personal possessions located outside the residence. You must work with your agent to determine exactly what kind of coverage your policy offers.
   3. Review auto insurance policies: If a student has been driving the family car and will now be away at college, at least 100 miles from home, notify your agent, as you may be eligible for a discount. If a student has their own car, the insurance company should be informed whether it will be used at school or left at home. If the vehicle is being taken to school, the policy price will now be re-evaluated based on the school’s location. Suppose a student leaves a car at home. In that case, it is essential to notify the auto insurer if anyone else will be driving the vehicle or if it will remain unused except when the student is home on vacation. If that is the case, the policyholder may be eligible for a discount. Many auto insurance companies also offer a discount to students who maintain good grades in school.

As you can see, there are many insurance considerations for any child who will be attending college.    If you have any questions about ensuring you and your college student are protected, please don’t hesitate to contact our office.