Before college students consider purchasing “renter’s insurance”, which I would refer to as “tenant-homeowner’s insurance”, I suggest they make the effort to find out if they are already afforded coverage by their family’s homeowners’ or tenant-homeowners’ insurance.
Students who maintain their primary residence as their family’s home should be considered “insured’s” under their parents’ policy. As an insured, their personal property should be covered “ anywhere in the world” and in particular, at a temporary residence. In many cases, the coverage afforded by the family’s policy will better than coverage they could buy on their own.
That’s the first place I would check and I would get the response confirmed in writing. There may be limitations and deductibles to consider but in most cases the basic coverage should be adequate to cover most situations. Personal liability coverage should be available as well.
For students who are no longer residents of their parents’ household (emancipated) or for parents who fear the impact of claims on their coverage, a separate policy could be considered. Insurers may be more reluctant to cover students on their own while at school but coverage should be available. A good place to start may be the parents’ insurer or agent. Basic policies with a $10,000-15,000 personal property limit should cost $200-300 a year. Coverage will be limited to specifically named perils, deductibles will apply and property will be covered for its’ actual cash value (not the cost to replace an old item with a new one). If replacement cost coverage is available, I suggest you consider adding it.
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Before college students consider purchasing “renter’s insurance”, which I would refer to as “tenant-homeowner’s insurance”, I suggest they make the effort to find out if they are already afforded coverage by their family’s homeowners’ or tenant-homeowners’ insurance.
Students who maintain their primary residence as their family’s home should be considered “insured’s” under their parents’ policy. As an insured, their personal property should be covered “ anywhere in the world” and in particular, at a temporary residence. In many cases, the coverage afforded by the family’s policy will better than coverage they could buy on their own.
That’s the first place I would check and I would get the response confirmed in writing. There may be limitations and deductibles to consider but in most cases the basic coverage should be adequate to cover most situations. Personal liability coverage should be available as well.
For students who are no longer residents of their parents’ household (emancipated) or for parents who fear the impact of claims on their coverage, a separate policy could be considered. Insurers may be more reluctant to cover students on their own while at school but coverage should be available. A good place to start may be the parents’ insurer or agent. Basic policies with a $10,000-15,000 personal property limit should cost $200-300 a year. Coverage will be limited to specifically named perils, deductibles will apply and property will be covered for its’ actual cash value (not the cost to replace an old item with a new one). If replacement cost coverage is available, I suggest you consider adding it.