Your son is going off to college this Fall. You may be wondering if you should purchase a renter’s policy to cover his possessions. If he will be living in a dorm on campus the chances are good that your homeowner’s policy will cover his possessions and liability. You will want to look at how much coverage will be provided from the homeowner’s policy. The limits differ by company. If he lives off campus and rents an apartment you probably will need renter’s insurance.
Renter’s insurance covers your student’s personal possessions (like books, clothes, music equipment, electronics, laptop and cell phones, furniture, etc.). Their stuff is covered not only for fire, but also for theft, smoke damage and many other types of losses. With the high cost of college having to replace your student’s stuff in addition to all the other costs could be a problem.
In addition to covering personal possession a renter’s policy will also provide liability protection in the event your son/daughter is involved in a lawsuit. If there is a roommate the policy will not cover them. The roommate will need to get their own policy.
The cost is very reasonable. Depending on the limit of coverage you can almost always cover this for under $200. To calculate how much coverage to get, add up the value of her electronics, clothes, furniture and any other items she takes to the apartment. The KnowYourStuff.org home inventory tool can help you create your list.
Let your agency know that you have a college student away at school. They can consult with you to find the best solution. Be sure to talk about your auto insurance as well as there are some coverage issues associated with vehicles at college.