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In today's world, college students arrive on campus with more than their clothes, notebooks and pencils. Every college student has more expensive learning supplies than students in the past. They usually come with a collection of electronic gadgets --  PC’s, laptops, tablets, printers, smart phones, mp3 players, and other devices. The belongings of college kids living in dorms will usually be covered under their parents’ Homeowners insurance policy.  Full-time students living off campus may also be covered if their primary residence is still their parents' home.


Although the liability limits of a Homeowners insurance policy usually apply equally to covered college students, many insurers place a 10 percent cap on the possessions limit.  However, some insurers may not have sufficient provisions to cover college kids in certain situations.  Many parents may want to purchase additional coverage to ensure their kids will be taken care of.  A Renters insurance policy is often the best solution.  It usually costs between $150 and $200 annually.  If a child will be living with roommates, the policy will not cover the roommates' possessions.


Another important possession to consider is a college kid's car.  Parents should ensure their kids are fully covered when going to college.  Rates will fall or rise depending on the school's location.  Some students may opt to attend college without taking a car.  This is especially true for students who attend college in large cities where efficient bus systems exist.  When this happens, parents should contact their insurers if the campus is at least 100 miles away.  In many cases, parents receive a discount totaling up to 20 percent.  However, students will still be covered on holiday visits and during summers at home.


Another consideration for college students is Identity Theft insurance. Typically, this coverage is limited. It cannot prevent parents or students from becoming victims of identity theft, and it doesn't cover financial losses directly.  However, it does give coverage for the cost of reclaiming you or your student's financial identity. For instance, it may cover the costs of making copies, making phone calls, mailing documents, lost wages, and attorney fees. Parents should check first to see if their homeowner’s policy includes identity theft insurance while the student is away from the family home.  If a student is renting an apartment, ask if his/her renters insurance covers identity theft, or if that could be added to the policy.


To learn more about insurance options for college students, give us a call.

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