Keep your student's belongings protected while they're at college

The start of the college school year is fast approaching. Students are packing up their favorite things – and new purchases – and moving them into dorms and apartments.

Parents may worry they can’t protect their students from everything college may bring, but they can make sure their belongings are protected. College is expensive, but planning the right insurance coverage can make sure you don’t have to pay for any unforeseen disasters.

Start with your own homeowner’s insurance policy

The good news is that most homeowner’s policies offer coverage for college students in dorms – and for the majority of their possessions. However, there are some things to consider and review:

• The coverage for personal property is limited to 10% of your personal property limit. For example, your homeowner’s policy carries a limit of $50,000, your college student would have $5,000 of personal property coverage in their dorm.
• Most policies will only provide this coverage as long as the student is enrolled as a full-time college student and under 26 years of age.

Coverage could be limited so be sure to check with your agent to see if any coverage changes could be made.

Renter’s Insurance – the best plan to make for your student

Many people do not understand how renter’s insurance works. It is a policy that gives coverage for personal property and personal liability to the person renting their living space. 

The great news is a renter’s policy is usually very affordable. Most policies (depending on level of coverage) could be less than $10 per month! This is a great option as it can continue to provide coverage wherever your student may live (dorm or apartment) or if they decide to take a year off from studies. 

It also offers flexibility to fit your student’s needs. A great example is a student who takes a large wardrobe may need more coverage than the person who lives in the same t-shirt and jeans every day.

It is becoming more common for landlords, property managers, and even colleges to require proof of renter’s insurance. Before you move in, review the lease or inquire about insurance requirements with the property management prior to picking up the keys for the first time.

What about that expensive new computer?

Students are often prepared with the latest technology when starting college. There are options to increase coverage and protection under your homeowner’s or renter’s policy to keep a computer protected from the accidental drop or coffee spill. Students may consider scheduling specific expensive personal property on their policy.

While this is an exciting time for students and a stressful time for parents; a quick discussion with your Nodak Insurance agent can help assure your student’s property will be protected and give you peace of mind.