I’m going to school away from home, do I need insurance?
With College, and University back in session it is without a doubt, that your son or daughter has many valuables with them as they attend school. As you pack up for the trek to school the mass of electronics and other valuable necessities tends to add up, and if any were to go missing the cost of replacing them would be sizeable.
However if you, or your child was smart enough to add tenants insurance to their back to school list, they will not be responsible to bear the cost of stolen or damaged property.
Even though this type of insurance isn’t the first thing on most back – to – school shopping lists, it is a necessity.
It is just as important as class materials, supplies and even educational electronics. In the case of not being covered you or your child could be responsible for the costs associated with: theft, injury and property damage. Individuals who possess tenants insurance are covered if any of their possessions are stolen, if someone is injured in their residence, or if any of the property is damaged.
Who Covers Me?
Most post-secondary institutions have insurance for their on campus housing, however it usually only covers damage to property. The best way to find out about this is to contact the University, or College directly. Most Universities suggest that students obtain insurance via their parents’ policy or by purchasing a policy of their own.
If your son or daughter is a full time student and lives on campus, it is more than likely that they are protected under your personal home owner’s policy. The easiest way to clarify this is to pick up the phone or open the computer and get in contact with you insurance company. They will know exactly what is covered and what the financial commitment of the coverage is. More often than not both possessions and liability are covered.
One thing that has to be kept in mind is that anything that is claimed on your child’s behalf can also affect your own discount and rating. This may sway you to purchase individual tenants insurance for your child. If they rent an off campus apartment, tenants insurance is even more important. With the residence not being on campus, liability may not be covered even if possessions are. Also, not all problems in a rental property are a landlord’s responsibility and extra insurance can cover you in the case of any mishaps. If your child is found to be the party that is negligent, then he or she is liable for anything that has occurred. An example of this would be a house party where there is extensive property damage.
- Many personal belongings: Your child might not think that what they own is of much monetary value, however the cost to replace these belongings could be quite large.
- Super easy. Acquiring tenants insurance is as simple as calling your insurance company or brokerage.
- Cost. For the amount of safety it provides, the cost of tenants insurance is negligible, in most cases it amounts to dollars a day.
- Peace of mind. If there are any catastrophic events that could lead to your child being displaced, the insurance will cover the temporary lodging situation.
- Just in Case. If your child, or one of their guests, causes property damage either inside or outside the building they are covered by insurance. This means that your guests are covered by your insurance.
- Legal Aid. If someone is injured or something happens to them inside your residence, you could be held liable and sued. In this case the legal fees would be covered by the insurance agreement.
In conclusion it seems that the simple thing to do is make the call to your insurance provider and decide for yourself if tenants insurance is right for you. Also remember to ask if there is the option for your child being covered under your current home coverage. As always be proactive and stay safe! Good Luck at School!