If you have a teenager headed to college this year, toting a computer and cell phone as well as all the other valuable digital items, have you considered what happens if these items were to be vandalized, stolen, damaged or destroyed? Would your homeowners policy provide the coverage to replace your student's possessions while away at college?
With all the other worries when your kids are going to college, this is one you don't need to suffer. It's possible to protect your kids' valuables with insurance.And, if you do your homework and check out your options, you can avoid the risks of being caught unaware about your homeowners insurance coverage.
We recommend sitting down with your child to list all items that will be moved to campus so that you can put a value on each item.
Next, contact your insurance agent and verify the extent of coverage and limitations on your current homeowners insurance policy. Once you know the maximum coverage limit provided by your homeowners insurance for your student, it's a simple matter to compare it to the total value of your child's belongings. If, the maximum amount of allowable coverage falls short of the total value of the items, you’ll be able to increase your coverage before there is a need to file a claim.
Your insurance agent will need to know whether your child will be living on campus or in an off-campus dewlling. Most homeowners insurance policies will cover your student's personal property in a dorm up to the limits of your policy but not if he/she will be living off-campus. Instead, you will need to consider renters insurance.
Regardless of the type of insurance needed, you'll want to create an inventory ahead of time of all items – with serial numbers, descriptions, and other details – andlet your teen know about taking normal precautions to protect their belongings.
Be prepared, learn about your insurance coverage before sending your child off to campus, and it will mean a smoother transition for both of you. The key: Don't just assume that your kids' possessions at schoolare fully insured. Instead, check with your agent to understand all insurance options.
Here at the William M. Sparks Insurance Agency, we often help parents as they sort through their options when the time for college is close. We can assist you and answer your questions. Why not contact us at your convenience for a no-obligation review of your homeowners insurance policy and a discussion of what might be your best course of action.