College Rules: Covering Your Student
Little Johnny’s heading off to college at last! Maybe you’ve been dreaming of this moment since your son hit high school, or maybe you’ll stand in your driveway with a tear in your eye as he drives down your shady street toward a bright future, but either way, get a grip and think about insurance for a minute.
Along with his impressive study habits and a taste for freedom, Johnny is probably bringing some valuable items to college with him. Chances are he has a computer, as well as a stereo, television, CD collection, and possibly some small appliances for his dorm room. Check your homeowner insurance policy to make sure these items are protected against damage and loss. If Johnny’s items aren’t already covered, you can purchase additional coverage for him.
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Generally, your home insurance policy will cover your property away from your home, up to a limit of 10% of your contents’ coverage. Therefore if your home is insured for $200,000 and your contents are covered at half that amount, the property away from home is covered up to $10,000, minus your policy’s deductible.
This guideline applies as long as your child is under 26 years of age and lives in a dormitory. If Johnny moves off campus to be with his buddies, call your insurance company to check on your policy. Many companies consider a student no longer part of your household when he or she moves into an apartment. In this case, you would need to purchase Johnny a separate renters insurance policy to cover his belongings and liability.
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