What you need to know about covering a college student’s possessions. It’s August, and that means it’s time for the annual migration of college students. Students are loading their cars with clothes, books, XL twin sheets, computers, futons and mini-fridges. Parents may be wondering: Does my homeowners and auto insurance cover all this? Here’s a quick look at coverage for the average college student, living on and off campus. Living in a dorm or at home •If the student lives at home while going to school, the student’s possessions are covered under the homeowners policy. •Homeowners policies also cover student belongings in a dorm, up to 10 percent of the personal property limit (subject to the policy deductible). •If a student will be home for an extended period, such as over the summer, belongings should either come home, too, or be stored in a commercial storage facility. •Students with expensive computer equipment, musical instruments, jewelry and sports equipment have special coverage needs that may not be met by the homeowners policy. Contact your agent if you have questions on how to cover those items. Living off campus When a student lives off campus, in a house or apartment, a separate renters policy is the best coverage option. A renters policy will cover the student’s possessions while also adding a layer of liability coverage in case someone gets hurt at the apartment or house. Some landlords even require tenants to have renters insurance. The car •Cars that go to school with the college student, but are insured by the parents, are covered. •Auto coverage can extend from the parents’ family car to other non-owned cars used by the full-time college student if the vehicle is not available for the regular use of the student. (Example: The college student borrows a friend’s car to get groceries.) The auto policy does not provide any coverage for motorcycles or mopeds. •Car insurance covers more than a car. If the student is hit by a car while walking or bicycling, the family car auto policy would provide coverage for medical expenses, uninsured or underinsured motorists (if available under the policy). Any questions, call me. Arlo 402-334-0555 or 800-365-2150
Posted on: Fri, 16 Aug 2013 21:38:13 +0000