Sending your child off to college for the first time is an emotional and stressful event in the life of any parent. College freshman are faced with living on their own, experiencing a new level of independence, operating away from the safety of their home and the direct guidance of their parents. Parents, too, must adjust to “empty nest syndrome” and need to cope with new worries about the safety and well being of their child. There are ways to alleviate some of this worry, however, such as making sure that your departing college student is properly insured against harm or loss.
The group health plan at your workplace should cover your student until they are out of school, and you can continue to cover them on your automobile insurance as well. But what about all of their personal belongings? In this age of modern technology, students are packing quite a bit of expensive hardware when they move into an apartment or dorm room. Laptop or desktop computers, MP3 players, video game consoles, smart phones, blue ray players, plasma screen televisions, and high end stereo systems are desirable targets for thieves. These items are also expensive to replace in the event of fire, water, or other accidental damage.
Parents cannot rely on the insurance coverage of the college for a student dormitory or the insurance that a landlord carries to cover their child’s possessions. In most cases, these policies are minimal, and at best will cover the dwelling your student lives in and none of their personal belongings and valuables. There are a couple of ways to make sure that your student is properly covered. Several insurance companies offer college student property insurance. This insurance is generally very inexpensive and will offer protection for items such as laptops, cameras, mp3 players, cell phones, musical instruments, furniture and many other expensive or irreplaceable items.
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If your student rents an apartment, condo, townhouse, or a room in a home with a group of other students, you should purchase some type of renter’s insurance to assure that he or she is completely covered against theft or damage. Some landlords even require that their tenants purchase renter’s insurance as a stipulation of their lease. Renter’s insurance will assure that a student can replace their belongings if they are damaged or stolen, giving them and their parents the peace of mind that they are completely protected. Coverage is usually inexpensive — the amount of coverage your student requires will dictate the monthly cost. In many cases, as little as $15-$20 per month will provide all of the coverage needed.
One other option (which is the most affordable) is to add your child to your existing homeowner’s policy. This will cover them while they are away for college as long as your home remains their primary residence. Adding a rider to your policy for your college student will generally give them up to 10% of the coverage you carry. For example, a $300,000 policy would extend $30,000 in coverage to your child. With homeowner’s insurance coverage, as with other types of coverage, you will still be subject to paying the deductible, so make yourself familiar with what that dollar amount is. If a $1,000 laptop is stolen and the deductible is $1,000, for example, you’ll be out of luck.
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