Parents Should Study How Campus Life Impacts Their Insurance

The parents of full-time college students should review their insurance policies to make sure their children’s personal possessions are covered while they’re away at school, according to the Insurance Information Institute (I.I.I.).

The policies which impact college students include the following:

Homeowners and renters insurance: These policies generally provide coverage for personal possessions (e.g., a TV, clothing and furniture) if the student lives on-campus.

Some policies may limit the amount of insurance for a college student’s off-premises belongings to 10 percent of the policy’s coverage for personal possessions. For instance, if a college student’s parents have $100,000 worth of personal possessions insurance for the family’s primary residence, $10,000 would be applicable to possessions in the student’s on-campus dorm room.

A college student’s possessions are covered for the same disasters listed in standard homeowners and renters insurance policies. These perils include losses caused by fire, theft, vandalism and natural disasters, such as a hurricane.

College students who live off-campus need their own renters insurance policy to cover their personal property, liability (which protects them from a lawsuit if someone is accidentally injured at their residence) and additional living expenses (ALE). ALE pays for temporary housing and meals if a college student’s off-campus residence is[…]

# # #

Continue reading this Insurance Information Institute article.