Current Insurance May Already Cover Your College Student

September 24, 2012
alandaleeditor
Dorm Room

Image: morguefile.com

Students going off to college can be very expensive for parents and guardians providing for them. An average college student usually takes with them a laptop and printer, a television, cell phone, digital music players, clothing, bicycle, and more when they leave home for the first time. There’s protection available for these pricey items in case of the unthinkable.

There are several insurance options that can be purchased and depends on where your student goes to school at and the type of coverage you would like. There is coverage for internal problems, such as software, faulty wiring, or any other internal defects. There are also LO-JACK and GPS tracking devices available for almost all lost or stolen items.

All electronic items also come with some sort of manufacturer warranty for a certain amount of time. In addition, there are some stores, such as Best Buy, that sell a protection plan that can also cover problems with electronics and other similar items.

What many consumers do not know is that their current homeowners and property insurance can cover their students’ items while they are away from home. They may not even have to purchase additional coverage to protect their students’ valuable items in case of loss, theft, or damage.

If your student lives in a college dorm or any other college-owned property, possessions are typically covered automatically against any loss, theft, and damage under your homeowners, condominium, or renter’s policy. Coverage is often is limited to only 10 percent of the policy’s coverage. For example, if your policy covers contents for $100,000, the limit for your student’s stuff would be $10,000.

In case your student does not live in a college-owned property, your homeowners’ insurance will not cover their possessions. The best thing to do then is to take out a renter’s insurance policy for about $15 to $30 a month under your student’s name.

Renter’s insurance policies are similar to homeowner’s insurance. They are offered in two basic forms: Actual cash-value policy, which covers the value of the item at the time of loss, taking depreciation into account; and replacement-value policy, which covers the cost of replacing the lost item with a new one. Replacement-value policies cost more, though both types are subject to the coverage limits.

Whichever route you and student decide to take, it is in the best interest to take an inventory of all your student’s possessions and save all receipts ahead of time in case they would need to file a claim.

For all your insurance needs and questions, ask an Alandale Insurance agent! With excellent knowledge and customer service, our agents can be the best tool in preparing for your student being away from home. Call Alandale Insurance at (888) 854-4501.

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