It’s a mixed bag of emotions when the day arrives to send your child off to college. It often signifies the next steps into adulthood with greater autonomy, less oversight, and a lot of planning. As you hug them farewell, you’re not thinking about insurance—leave that to Bravera Insurance.
Your child and your homeowners insurance
Homeowners and renters policies will cover a percentage of your child’s belongings if they live in a campus dormitory. The claims are subject to your deductible and will go on your claims history.
Home and renters policies offer worldwide coverage of your personal belongings, usually 10% of your personal contents limits. For example, if you have $100,000 in contents coverage, your insurance would cover up to $10,000 of your child’s belongings.
The cost of minor claims
If there’s a catastrophic loss, replacing your child’s belongings could cost thousands. But what if the loss is a single item, like a laptop? If you rely solely on your homeowners insurance, your deductible is probably around $1,000 or more.
Students bring many valuables to school, including:
- Wireless speakers
- Small appliances
- Digital cameras
- Sports equipment
- Musical instruments
- Bags and shoes
The cost of items like these can straddle your policy deductible. Depending on your situation, making a claim on your homeowners policy might not be worth it. You might decide to pay out of pocket or turn to another option.
Separate policy solutions
Renters insurance policies will name your college-age child as the policyholder and provide coverage for personal belongings in their off-campus apartment or dormitory.
Renters policies are reasonably priced (under $250 per year) and typically offer advantages like:
- Lower per-occurrence deductibles
- Choice of policy limits
- Coverage that extends worldwide
Personal injury and liability insurance for your student
Personal injury and liability coverage is part of most homeowners and renters policies. It covers things like:
- Slip-and-fall accidents
- Dog bites
A few things insurance doesn’t cover
Some renters policies could exclude:
- Pest damage. Renters policies may not cover pest destruction. If there’s a pest problem at your child’s dorm or apartment, they should alert the maintenance department to mitigate the infestation.
- Other people’s belongings. Insurance covers the people named on the policy. Your child’s roommate will need their own policy.
- Identity and data theft. Renters policies have electronics coverage for physical losses due to events like fires or theft, but not lost data.
Advise your child to:
- Use good security protocols. Keep the doors locked, and don’t hold the door for people. Locks and security keycards exist to deter criminals from walking in the front door.
- Keep valuables locked and out of sight. Items like jewelry, expensive bags, cash, books, and electronics are easier to steal if you leave them out.
- Protect their data. Don’t share passwords or banking, credit card or other sensitive information. Watch out for criminals who prey on students using tuition overdue scams or other scare tactics to get them to click on fraudulent links.
- Watch what they say. Going viral for the wrong reasons can harm your child’s future and finances, particularly if it results in a legal battle.
- Inventory their belongings. Keep a record of valuables and maintain proof. Receipts, photos, deeds, and appraisals make the claims process smoother. There are personal inventory apps that make the documentation process simple.
Call us to talk about protecting your student
Think of insurance as a strategically layered approach. You might purchase stand-alone student insurance for smaller claims and increase your homeowners coverage limits for more significant claims.
Contact your Bravera Insurance Advisor to ensure your college student is protected whether they live, at home or away.