As you pack your son or daughter off for college, give them the one thing they would never think about; renter’s insurance. You can help protect their possessions while they are away at school, and protect you from expenses after a loss. College students can either take out their own policies or you can arrange for an extension under your policy depending on the circumstances.
College students living away from home in residence
If you son or daughter will be living away from home, will they be living in residence or in their own apartment? While living in residence, your child will be covered under your homeowner’s policy. This extended coverage offers protection against loss due to the perils listed on your policy, such as fire or theft. Most dorm rooms are not very secure and many things can happen in the excitement of living away from home. Plus, what student does not own a computer, cell phone or other electronic device? Your insurance coverage can help a student after an unexpected loss and save you from paying out of your pocket.
College students and their own apartment
If your child plans to live off-campus in their own apartment, your policy may not allow extended coverage. In this case, a student can arrange to take out their own insurance policy. Alternatively some parents take out a policy in their name but covering their child’s address. Either way your son or daughter will have a renter’s policy that will protect them against many types of unforeseen losses. Since most college students will not have much in the way of contents, renter’s insurance policies are low cost.
Does a college student need insurance?
In addition to the earlier noted computer or other electronic device, students also have some furniture, books, school supplies, food and clothing. In the event of a loss these items could add up very quickly and be expensive to replace. College is costly for most students; they could be in further financial trouble if they have to pay out of their own pockets. Having a renter’s insurance policy means one less thing for a busy student to worry about.
Establishing an insurance track record
Additionally, having a renter’s insurance policy now helps a young person begin establishing a record of being insured. This is very helpful down the road for securing more insurance for homes or autos. Plus students gain valuable financial credit rating benefits that will further help when taking out a loan or mortgage down the road.
Along with the text books and care packages, the best thing you can give your college-bound child is insurance coverage with a renter’s insurance policy or extension of your policy. Either way, you are giving the protection they need while away at school and an excellent start to a solid financial future.