Campus coverage basics

It’s best to consult your insurance professional for the details of your family’s specific coverage and where you might need additional protections, but here are some general guidelines:

• Students who live in a dorm are covered under their parents’ standard homeowners insurance policies – That is, their possessions are protected by “off premise” coverage. However, some homeowners policies may limit this amount of insurance, so make sure you understand your own policy.

• Students who live off campus are likely not covered by their parents’ homeowners policy – Your insurance professional can tell you whether your homeowners or renters policy extends to off-campus living situations. If it does not, to protect student belongings, those living off campus may need to purchase their own renters insurance policy.

• Computers and smartphones may carry stand-alone insurance – If you’re getting these items new, at the time of purchase you may be offered insurance or other protections against theft or loss. Also, check the credit card used for the purchase, to see what protections might be available.

• Consider a stand-alone policy specifically designed for students living away at college – This can be an economical way to provide additional insurance coverage for a variety of disasters.

• If your college-bound student is leaving the car at home, make sure to tell your insurance agent – Depending on how far he or she is going away to school, you might be eligible for a premium discount.

Take pre-campus precautions with belongings

It’s better to prevent a loss than to deal with the aftermath. To help prevent loss:

• Leave valuables at home, if possible – While it may be necessary to take a computer or sports equipment to campus, other expensive items—such as valuable jewelry, luxury watches or costly electronics—should be left behind or kept in a local […]

– – – – – –

Continue reading this Insurance Information Institute article.