As a college student, making sure you have the right insurance coverage to protect the free couch you found on the curb may not be that high-up on your to-do list. However, take a moment to consider everything else you own in your space. Your books, laptop, phone, clothes. Imagine the cost of replacing all the items you own. Everything.
How much would it cost to replace all those items? Would you be ok paying that amount in-full? If the answer is no – then you should make sure you have the right insurance to be adequately covered.
This coverage & protection can come in two forms: from your parent’s homeowners policy, or your own renters policy.
There are a few factors that determine if you will be covered by your parents homeowners policy or if you should get renters coverage.
Are you staying in a dorm?
If you’re staying in a dorm or rental unit on-campus, there’s a good chance you’ll be covered under your parent’s renters or homeowners policy (so long as they do have a policy).
Even though your parent’s policy may extend to you, there are coverage limits. Most homeowners and renters limit the coverage provided for property of dependents off at college to 10% of the amount stated in the policy.
Do the math and take an inventory to make sure your personal property is fully covered.
Are you living off campus?
Most homeowners policies won’t cover a dependent living in an apartment. Check with your agent to confirm any coverage limitations. If you’re staying in a rental off campus – you should look into getting your own renters insurance policy.
You might not think your belongings have much value, but just the cost of your computer, cell phone, books, and clothes can quickly add up.
How many credit hours are you taking?
Make sure to read the fine print of the policy to ensure you are eligible in the residence halls. Some plans may specify a certain number of credit hours to qualify for coverage.
How old are you?
Even if you stay in an on-campus dorm, your parent’s policy will only cover you up to age 25. After that, it’s up to you to nail down your own policy to cover your belongings.
Will you be involved in an organization?
If you are on the board of directors of any organization, ask for a summary of their Directors and Officers Insurance policy. Make sure you are listed and covered in case you are personally sued for actions you take or words you speak on behalf of the organization. This will ensure that you will be defended and covered for potential costs.
Where do I start?
Regardless of the policy you are covered under, it is important to protect yourself and your belongings while at school. Learn more about protecting yourself from theft, fire and dorm damage fees.
The best thing to do is to start by contacting an insurance agent. Having an actual conversation with an expert in the field can help assure that you get the right coverage for the items you’re looking to protect.
Contact an insurance agent today to get an idea of what protecting your belongings may cost. You’ll more than likely be pleasantly surprised at the amount of coverage you can get for a small premium.
Have questions about your coverage options? Contact our team of industry experts today.
We take a different approach to renters insurance. We believe in taking a personal approach to protecting the things that make you, you.
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