As students return to campus around the country with shiny new dorm décor, laptops, and other assorted electronics, it is important to understand how those items are insured.
A common misconception is that student’s belongings are covered under their school’s coverage of the building, but those policies only cover the structure and not the contents. A parent’s homeowners’ policy may cover students in dorms, but it’s important to check your policy to ensure it covers losses that occur outside of the home and to see what the limit on the coverage is. (Typically, off-premises losses have a fraction of the policy limit with the highest being 10%).
Renters insurance, which typically has low premiums and can cover everything from theft to water damage, is a good way to protect a student’s personal items. As students head back to school this time of year, it is worth a quick call to your insurance agent to understand your options and to understand the coverages afford by your homeowners’ policy. And it becomes crucial for any student renting off-campus housing as many landlords make it a requirement that renters have their own insurance to rent their space.