Has Your Child Headed Off To College & Left The Nest? Make Sure They’re Protected

As September is now upon us, that means back-to-school is as well. For many parents, this means helping your high school grad get ready for living away from home for the first time and getting ready life on campus. But, there’s more to it then ensuring the tuition is paid and the living accommodations set.

As your child heads off to college, it is important that their must-have items such as their laptop, printer, cell phone, mini-fridge, clothing, entertainment/gaming consoles and other items are protected. Whether they are living in residence or living off campus and renting a room, apartment, or house, you have a couple important options to consider when it comes to insuring your campus-bound child’s belongings.

Home Insurance

Typically campus residence fees do not include insurance that will provide coverage for your child’s belongings. The good news is, your home insurance policy may extend coverage. Often home insurance policies will cover the “stuff” of dependents under the age of 21 who are temporarily living away from home and attending school. However, there may be a cap on the coverage. If your child is living in a dorm on campus, the best thing to do is to speak with your home insurance provider to double check that your child’s possessions will be covered against theft or damage, and for how much.

  • Did you know? If your child ends up having to make a claim under your home insurance policy, that claim will go on your record. If they have their own tenants insurance, it goes on theirs.

Tenants Insurance

If your child is not living on campus, they will likely need to get a tenants insurance policy of their own. This type of insurance protects your child’s belongings and also provides them with liability coverage in the event something should happen on their rental property. Think of it this way, tenants insurance is a small fee in comparison to the cost of replacing their items. Replacing their laptop alone can easily cost upwards of $2000.

  • There are two types of tenants insurance. One covers actual cash value, which is what the item was worth at the time it was stolen or damaged (it includes depreciation for example). The second is replacement cost coverage; this is more expensive but takes into account how much it will cost to buy the stolen or damaged items again. For students with expensive belongings, replacement cost coverage may provide both you and your child more peace of mind.

Taking Inventory Of Your Child’s Assets

It is very important to take inventory and keep record of all the possessions your child will be taking with them when they go off to school. It’s also a good idea, if possible, to keep the receipts as well. This way you’ll have all the proper supporting documentation needed in the event of a claim.