If you are a college student, whether you are living in a dorm or an off-campus apartment, it is critical that you have insurance coverage for your valuables. The insurance coverage for personal property may be provided by your parents’ policy in some situations, while in others you may be required to acquire a separate renters insurance policy.
WHEN LIVING IN A COLLEGE DORM, DO I NEED TO GET RENTERS INSURANCE?
However, according to the National Association of Insurance Commissioners, college students may be partially covered by their parent or guardian’s insurance policies. You should double-check with your insurance provider to be sure.
It’s a good idea to be aware of the policy’s coverage limits for personal items before purchasing coverage. Several insurance companies, according to the Insurance Information Institute (III), limit coverage for personal possessions while the policyholder is away from home. This is referred to as “off-premises coverage” in some circles. Example: If your parents’ insurance covers $100,000 in things but only covers 10% of those belongings when they are off-premises, it may cover up to $10,000 in belongings when they are away from their house, which may include belongings you bring to school with you.
In addition, it is crucial to know that certain items, such as a musical instrument or valuable jewelry, may be subject to coverage limitations. The limits of your parents’ homeowners or renters insurance policy may be insufficient to cover the valuables you’ll be bringing to school, but your parents may be able to add scheduled personal property coverage to their existing homeowners or renters insurance policy to help cover certain valuables.
DOES IT MAKE SENSE FOR ME TO GET RENTERS INSURANCE IF I LIVE OFF CAMPUS?
According to the III, if you’ll be living off-campus, the goods you bring with you will most likely not be covered by your parents’ insurance (although you should double-check with your insurance provider to be sure). Purchasing your own renters insurance coverage may be a good idea if you want to be reimbursed for the cost of replacing or repairing your items if they are stolen or damaged by a covered risk. The word “covered risk,” which is also known as a “peril” in insurance terminology, refers to any type of damage that is covered by your insurance policy. Take a look at your insurance coverage to find out what dangers it may cover, such as theft or fire.
A liability coverage provision is included in a renters insurance policy, which may protect you from having to pay out of pocket if you are proven legally responsible for the injuries or accidental damage to someone else’s property (including your landlord’s).
The III recommends that you speak with your insurance agent about coverage limits and whether you might be able to benefit from supplemental coverage for specific items such as jewelry.
It’s hoped that you and your belongings remain safe and secure while you’re rushing around from class to class, but it’s a good idea to keep a home inventory in case you need to file an insurance claim.
Whether you’re living in the dorms or in an apartment with your pals, a local agent can assist you in selecting the insurance policies that are appropriate for you as a college student.