They might get destroyed, lost, stolen, or simply mysteriously disappear. And, they might not be insured. So what’s a parent to do?
If your college student lives in a dorm room on campus, your homeowners insurance will extend to cover the items he or she takes, up to a 10% limit on the total coverage for personal property. That means: If your homeowners’ policy has a $100,000 limit on personal property, your college student’s possessions will be covered up to $10,000. Keep in mind that coverage is subject to your policy deductible, which is usually $1,000.
However, if your college-bound son or daughter lives off campus in an apartment or house shared with friends, your homeowner’s policy will NOT extend. In this case, we recommend that you purchase a Renters policy.