Your Greensboro homeowners insurance policy covers a lot of things, including things of which you may not be aware. One of these is coverage for items kept in your college student’s dorm room. The fact is, under certain circumstances your student’s belongings may be covered for losses from perils such as theft, fire and more. Here are the particulars.
- According to the Insurance Information Institute (III), burglaries make up approximately 50% of all college on-campus crimes. Students should take care to guard against theft of personal possessions while living on campus. This includes engraving IDs on electronic devices such as TVs, computers and smart phones.
- College students living in a dorm may be covered by the “off-premises” portion of the personal belongings protection of their parents’ homeowners policy. This only applies to full-time students living in a dorm on campus who are not yet 24 years old.
- Many policies limit the amount of “off-premises” coverage to 10% of the coverage in place for all household belongings. If more coverage is needed, you can increase policy limits or attach endorsements for specific categories of valuables such as electronic equipment or jewelry. Insurers often limit compensation for these types of items.
If your student lives off-campus, an option to obtaining insurance protection is for the student to buy a renters insurance policy. Renters insurance may have a much lower deductible, making it easier to collect on a claim, and will usually also come with liability coverage.
Homeowners Insurance Versus Renters Insurance
While your home insurance may theoretically provide enough protection for your on-campus college student, higher deductibles and the potential for a premium increase if a claim is made should be weighed when determining its suitability versus separate renters insurance.
The higher deductibles typical with homeowners insurance, such as $1,000 or more, make it difficult to file a claim for the items a college student may have in his or her dorm. Even if a claim could be filed on your homeowners policy, the benefits you receive may be outweighed by the probability that your insurance premiums will likely be increased.
Another option for personal belongings insurance for college students is dorm insurance. These policies typically have a low cost and also have a low deductible, as low as $25.
In most cases, your Greensboro homeowners insurance coverage should cover your college student’s needs. If you have any questions, contact your agent.