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College Students & Insurance

College Students & Insurance

In just a couple of months, your freshly minted high school graduate will be off to college. If your student will be living away from home for college, it is time to start thinking about what insurance coverage they have, and what they will need. For the college student to be covered under your homeowner’s policy the student must be a relative of yours that was a resident of your home before leaving for college, under the age of 26, and enrolled in the college or university full-time.  Property Insurance for College Students If you have homeowners insurance coverage, you may already have property insurance for your college student. However, there may be limitations to that coverage. Most homeowners policies extend coverage to insured property outside the home whether it is in storage or at a college dorm. The limit of this coverage is usually a designated percentage of the covered property, usually around 10%. For example, you have $150,000 in contents coverage on your homeowner’s insurance policy. 10% of that may be designated for off-premises, so your college student would have $15,000 in contents coverage in their college dorm. It’s important to discuss with your insurance broker just how much offsite coverage your policy extends. Then you and your insurance broker need to determine whether that amount is enough to cover all of your student’s belongings including clothing, linens, computers, gaming equipment, etc. Please note that the coverage may extend to the student’s belongings while in the college dorms but it may not cover your student’s belongings if they live in a sorority or fraternity house or in...