The weather is getting cooler, football season is in the air, and college campuses are buzzing with activity. It is time to send college students back to school, so make sure you are prepared with the coverage needed.
How much “stuff” could you fit in a dorm?
Students away at college may not have much space, but they know how to fill it! From clothes and shoes, to expensive books, computers, digital cameras, televisions, microwaves and of course the mini-fridge…college students can have a significant value of personal property with them at school. So, is it covered?
With most homeowner policies, the answer is yes with limitations. A standard homeowner policy limits the amount of personal property in campus housing to the 10% off-premises limit. Some companies will provide coverage up to the Coverage C limit for personal property of a full-time student away at school either as part of the coverage package or via special endorsement. Your insurance agent can tell you the dollar value of coverage available under your policy. If the student is living off campus and leasing an apartment in his or her name, a renters policy would be recommended.
Age guidelines and part-time students
For coverage to apply to a student away at school, the student must be full-time as well as meet certain age requirements. If a child of the insured, the student must be under age 24. If in the care of the insured or a resident relative, the student must be under age 21. For those students who opt to continue their education past the maximum ages or who attend school on a part-time basis many companies have endorsements available that can be used to protect their property and liability exposures.
Can I insure my child’s computer?
Yes! With most homeowners companies a Blanket Personal Property Endorsement is available that will provide coverage for computers up to $10,000 coverage – with no deductible.
Helpful hints on students and vehicles
Wheels left behind - Students who are away at school over 100 miles without a vehicle can be rated as either part time operators or in some cases not rated on the auto policy all together. Some companies offer a Distant Student Discount as well.
Cruising campus – Students who take vehicles with them to school should have the garaging location address for their vehicles added to the policy. Also, for in-state schools the territory should be updated based on the address during the school year while the vehicle is kept there.
Other items to consider…
Parents love to keep in touch…but what happens if a student loses his/her cell phone at school? Under a basic policy, this would be covered as personal property and subject to the policy deductible. Some insurance companies are now offering special endorsement packages that will cover cell phones and other mobile electronics without a deductible.
Bicycles are a common mode of transportation on college campuses. Depending on the value, it may be beneficial to schedule this item to obtain broader coverage and also avoid losses being subject to a deductible.
Don’t forget, college students can still qualify for the Good Student Discount! Check with your insurance agent for qualifications and age limits.
