What Parents Need to Know About Home Insurance For Their College Student

Today’s college students are expected to be well equipped for college life-and that can include thousands of dollars in electronics and other belongings. When you consider the fact that theft is the single most common crime committed on any college campus, that’s not a heartwarming thought! Before you order your new grad to come back home where they (and their $1,600 computer) can be nice and safe, however, talk to your home insurance agent.
You might be able to work something out. The only other alternative is to tell your college bound teen that they’re going to be spending this semester at home-indefinitely. You can imagine how well that’s going to go over!
The good news is, most homeowners insurance companies think of a college dorm about the same way they think of your car. Yes, belongings might be in the car for a while (a long while), but it’s not where they really belong. They belong in your house, and since they’re part of your house they’re covered by your home insurance policy.
That means that your home insurance will probably extend to their college dorm room, keeping their belongings protected while they’re settling in at their new home away from home. It’s important to make sure you contact your insurance company ahead of time, however, since most companies have a slightly different set of rules for college bound belongings. You may find that the coverage limits lower a bit, since there’s a much greater chance of their things being stolen at college, and your premiums may go up.
You can help keep your home insurance rates down (and replacement costs in your bank account) by putting names and drivers’ license numbers on your child’s electronics and their names on anything else. Think of it like sending them off to kindergarten-not all of those kids know how to share, and by putting your name on things you’re saving yourself an argument later on. And even a name written in permanent marker can make it harder to sell something on the black market.
If there’s one item that your insurance company is going to have a few minor fits about if it goes off to college it’s that $300 mountain bike your kid talked you into before they had a driver’s license. Bicycles are a great way to get around a college campus and the surround area when parking is slim, which is precisely why so many bicycles are stolen each year. If you’re going to be sending a bicycle to college make sure you’ve registered it with the manufacturer and local police department, and make sure your child’s name is on there somewhere.
It might seem like a lot of work, but it’ll be worth it if there are bike thieves on the loose.
College is expensive enough without having to worry about keeping track of (and possibly replacing) thousands of dollars worth of equipment while your teen is away from home. Fortunately, your home insurance provider has you and your college kids covered.