Many parents ask me “does my homeowners policy cover my child while he or she is away at college?”  The answer really depends on whether your child intends to live on-campus or off-campus.

If your daughter plans to live in the dorms for her first year of college, your homeowners policy will provide coverage for her belongings, typically up to 10% of the Personal Property limit listed on your policy.  Any losses would be covered subject to your deductible.  Your homeowners policy will also provide liability protection for her automatically.

Your son, on the other hand, has decided he’s going to live in off-campus housing this year.  This is where things get dicey. You will definitely need a renters insurance policy for him. There are some things you should keep in mind.  If he is going to be living with friends, they should each have their own renters insurance.  Some companies may allow for roommates to be on the same renters insurance policy, but if your son isn’t specifically listed on the policy, he’s not covered.

More importantly, if you are signing the lease for your son, you want to make sure you are protected. If you are on the lease, you will certainly be pulled into the lawsuit. You can do this one of two ways.  First, make sure your name is listed on his renters insurance policy as a named insured. Second, add this location to your homeowners policy for Extended Liability. This option would cost you under $25 per year.

Important tip – Make sure any policy you get for you or your children includes Personal Injury coverage.  Let’s say your son or daughter posts something on Facebook bashing a teacher, business, or another student.  This person, as a result, suffers a damaged reputation and will most likely end up suing your child. Without Personal Injury protection, the policy will not provide coverage. It’s very cheap but invaluable in today’s social-media-driven society.

 

Call Risk Averse Insurance in Media, PA for a quote on your renters insurance in Media, PA, homeowners insurance, and PA car insurance.  We can also provide insurance for motorcycles, RVs, classic cars and any other “toys” you own.

Risk Averse Insurance is an insurance agency in Delaware County that provides high-quality renters insurance at an affordable price.

 

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