Let them focus on the degree. We’ll focus on the insurance.
By Stacey Schloop
If you have a child moving to college, you know that sending a student to live on their own is hard enough. Don’t let insurance coverage be one more worry.
If your student is living on campus, your policy most likely still covers his or her belongings. Most policies and insurance carriers will extend your homeowner’s policy to your child’s dorm. However, depending on the specific language in your policy, that coverage may only be good for costs up to 10% of your personal property limit.
Usually, that’s sufficient.
If your child has special equipment – a higher-end computer, industry-related equipment like cameras, or a musical instrument – you may want to look into “scheduling” those items.
When you schedule an item on your insurance policy, you are singling it out as particularly valuable. A scheduled item will have more coverage on it than it would if it were simply lumped into your homeowner’s policy. Scheduled items aren’t necessarily subject to your deductibles, either.
If your child is living in his or her own apartment, insurance coverage will depend on who signed the lease. If you or your spouse signed the lease, you may talk to your agent about extending coverage to the apartment. If your student signed the lease, he or she may need to get a separate renter’s insurance policy. This is a discussion you should have with your insurance advisors, so be sure to give them a call.
Talk to your agent or call 800-268-1830 if you have any questions about how your policy will change this school year.
Stacey Schloop is a Personal Insurance Client Advisor at OneGroup. She can be reached at 315-413-4402 or [email protected]
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