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Does Homeowners Insurance Cover College Students?

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If your student needs greater coverage or you’re put off by the high deductible of making a claim on your policy, getting your student renters insurance can be an excellent way to protect them while they’re away at school.

If you have a student getting ready to head to college, it can be stressful thinking about how they and their belongings won’t be under roof (and your home insurance) anymore. Fortunately, many college students are still eligible for insurance coverage under the parents’ policies, and there are other accessible options you can choose to protect your student, too.

What Your Insurer Needs To Know About Your Student

The right time to let your insurer know that you want coverage for your student is before they have left for school. You don’t want to leave your student with a gap in insurance, so the earlier you find out, the better. If your insurer won’t provide coverage for your student, there are other options you can explore.

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Your insurance company will want to know a few things about your student, including:

  • Their age
  • Whether they will be part-time or full-time
  • If they were a resident of your home before going to college
  • Where they are going to live

Policies will vary, but, on average, homeowners insurance will extend to cover your students if they are moving from your home into a college dorm, are under the age of 24-26 (depending on the policy), and will be full-time students. This will mostly apply for college freshman, which means one less thing for you to worry about the first year you send your child off to college.

For older students, or if your student doesn’t qualify under your policy, other options are addressed later in this article for you to review.

Know the Coverage Limits

Under your homeowners insurance policy, your personal property coverage will grant your college student 10% of the limit of your total replacement cost listed. For example, a $300,000 policy would mean your student and their belongings are covered up to $30,000, although, in some policies, your student’s belongings are considered “off-site” and will only be covered up to 10% of that limit.

If this coverage isn’t enough, you usually will have the option to purchase an endorsement for specific coverage that you want your student to have. However, if your student requires significantly more coverage than your personal property coverage provides, it may be more cost-effective to look into another option.

Consider Renters Insurance

If your student needs greater coverage or you’re put off by the high deductible of making a claim on your policy, getting your student renters insurance can be an excellent way to protect them while they’re away at school. Policies are generally affordable and will provide more property coverage than your student would receive under your policy.

Additionally, this is a great way to provide insurance for a student living in off-campus housing, as many homeowners policies will not ensure your child unless they are living in a college dorm. Your student will also be covered if they injure another person accidentally under medical and liability coverage limits that will be higher than under your home insurance policy.

Practice Good Safety Measures

However you decide to financially protect your college student, make sure to decide well before move-in day so you have peace of mind that they’re covered. Also, review preventative safety measures so that they aren’t caught unaware once they’re living in a new environment.

Choose which valuables should stay at your home and which are needed for college, and have your child create an inventory of their belongings, which can help smooth insurance claim processing if something is stolen or damaged. Marking belongings with distinctive features or engravings can help your student regain any stolen property.

As long as you get a head start on planning how to help keep your child safe, your student will be ready for college, and you can be a little less apprehensive about the coming changes.

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