Does My College Student Need Renters Insurance?

You’ve just sent your precious bundle of joy off to college for the first time, along with several thousand dollar’s worth of electronics. The cell phone, laptop, printer, tablet, tv, and various other gadgets could cost you an arm and a leg to replace if anything happens to them. Should you get renter’s insurance for those possessions? It depends….
 
…If they live ON campus – there may be a certain amount of coverage under your homeowner’s policy that extends to off-site possessions. That amount is generally limited to 10% of the personal property coverage on your policy. For example, if you have $50,000 of coverage for personal property, then your student’s belongings may be covered up to $5,000 – probably not enough to replace all of those electronics.
 
…If they live OFF campus – they will need renters insurance, as the homeowners policy probably does not extend to off-campus property. Fortunately, renters insurance is inexpensive and provides several layers of protection. Not only are personal possessions covered, there is usually a certain amount of liability coverage as well. That can cover damage to the property or injuries to guests.
 
In either case, it’s a good idea to have a home inventory of the items your student has in their living quarters. An easy way to accomplish this is to have them take a video with their phone once they are moved in and send it to you so you have a copy.
 
For more information about your coverage and options, contact us at www.insai.biz or call 317-580-0900.