How to Protect Your College Student from On-campus Losses

Sending your child to college is an experience that comes with exhilaration, stress, and a measure of anxiety. Therefore, knowing how your homeowners' insurance policy protects your children and their belongings while they are away at college will go a long way in putting you at ease. Most homeowners insurance policies offer coverage for college students as long as they're living in a residence hall or dorm room on the college campus.

Your homeowners' insurance will extend 10% of its limits to full-time college students aged under 24 who live away from the insured property. However, if you're worried that 10% of your homeowners' insurance won't be enough coverage for your child, you can increase your policy limits.

Coverages That Extend to College Students

1. Personal property coverage: Your homeowners' insurance covers student's personal property while they're inside the student's residence.
2. Personal liability coverage: The personal liability coverage on your policy will be useful in cases where a guest is injured in your ward's dorm room or if your child accidentally damages school property. The policy might even cover your children's legal defense in the event of a lawsuit.
3. Medical payments to others: The standard homeowners' insurance coverage can help pay for any medical expenses and hospital bills incurred in the treatment of injuries sustained from an accident in your child's residence.
4. Computers and smartphones may come with their own insurance: For new purchases, you may be offered insurance or other forms of protection against theft or loss at the sales point. The credit card used for the purchase might also provide certain insurance coverage.

Insurance Coverage for Off-premises Theft

Off-premises theft coverage applies to losses or thefts outside the home and is often a standard inclusion in many homeowners' policies. Still, to be sure, you should check with your insurer to understand your specific coverage and limits. The off-premises insurance should cover the gadgets in use by your child at college.

Purchasing renter's insurance for your child at college might be a good idea. That's because although your homeowners' insurance provides more than enough coverage to include a college student, the higher deductibles and potential premium increases might make it less suitable than renters insurance.

The high deductibles that come with homeowners insurance might make it harder to file a claim for the kinds of belongings your child would want to protect at school. For example, a $2,000 deductible on your homeowners' policy means that you wouldn't be able to claim compensation for damage or theft below that amount.

Get in touch with your insurer to know the specifics of your policy and whether or not your children are fully insured or if you need to purchase additional insurance coverage.

At Scavone Insurance, we take care of all your insurance inquiries and equip you with the necessary information you need to make the right insurance decision. Contact our experienced insurance experts at the Scavone Insurance Agency Center LLC, White Plains, New York, today.