September 5th, 2014
It's been a while coming and you're finally sending your kid off to college. After the packing and traveling, you arrive and help him or her set up the new dorm room. Take a look around at your child's possessions. There's probably a new laptop, a TV, maybe a mini refrigerator or microwave. He or she also has clothing, bedding and a pile of personal effects.
Then ask yourself: Is all of this insured?
Just like your house and possessions, your child's new living space is susceptible to fire, flooding, theft, vandalism and more. You can only hope nothing disastrous happens, but unfortunately, it can. Before you say goodbye to your child, make sure you have his or her dorm room and personal property covered under your home insurance or a new renters insurance policy.
Give your agent a call to see if the space is or can be covered under your policy. You may be able to adjust your coverage to include the dorm room and its contents. If adding the dorm room to your policy isn't possible, or if you're searching for the best price, look into getting a separate renters insurance policy for your kid. These policies cover most of the same circumstances as home insurance policies for incidents like natural disasters and theft.
For either type of policy, take an inventory of your child's possessions to estimate the amount of coverage he or she truly needs. Renters insurance is usually cheap compared to home insurance policies, which cover a much larger space and more possessions. Premiums for a renter's policy can range from $15 to $30 a month, The New York Times reported.
Be careful though, most home and renters policies don't usually cover accidents. So, if your child spills coffee of his or her brand new laptop, the insurance company won't pay for a replacement. If your child is clumsy or you want to be overly cautious, add a specific rider onto the policy to cover electronics.
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