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College Students and Their Belongings: Homeowners Insurance and Renters Insurance

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College students have more possessions of value than they or their parents may realize. The lives of college students are filled with laptops, smartphones, clothes and whether you believe it or not textbooks. Often insurance issues for college students are out of sight and out of mind until an accident or something worse occurs. But, what types of insurance, if any, cover your college kid's personal property?

If your college student lives in a dormitory and his primary residence is still your home, your homeowners insurance may cover your college student's possessions. If your college student lives off-campus, your homeowners insurance also may cover your student's belongings, but coverage depends on the policy. A homeowners policy may limit the amount of coverage. Many insurers limit the amount of coverage for your college student's belongings to 10 percent of the possessions coverage in your homeowners policy. If the homeowners policy covers $100,000 of the contents of the home, the coverage for your college child may be limited to $10,000.

Your homeowners insurance may not cover any or all of your college kid's possessions depending on the policy and limits to the policy. That's why it's important to consider renters insurance if you prefer higher coverage limits. Coverage limits vary from policy to policy, and if your child in college has roommates each individual needs a separate policy to cover their own possessions. Renters insurance is relatively cheap, and according to Kiplinger, the average renters insurance policy costs between $150 and $200 per year.

When it comes to electronics specific coverage for a certain piece of electronics may also be beneficial, especially coverage beyond what is offered in the warranty of the product. For example, additional insurance coverage of $200 for an e-reader is around $20 per year. Coverage also depends on the device and the company.

Proper insurance coverage is important when tragedy strikes. An experienced insurance attorney can guide someone who has suffered loss through the legal and recovery process.

Source: komonews.com, "College Students Should Weigh Insurance for Electronics," Connie Thompson, July 13, 2012

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