Is my college student covered on insurance?
Damaged, lost, or even stolen property at college is a more common occurrence than you might think. As we send our children off to college for the new year, we should ask ourselves “what happens if their property is damaged or stolen?” Generally your homeowners insurance will provide some coverage. At what cost though and what does it really cover? How about property of the college or university in your child’s care? Will the college cover the loss if the dorm or building has a fire, water leak, or tornado? Who pays if actions of your student result in a loss to someone else?
Most homeowners insurance will extend coverage to the property your student takes to college. However, many of the probable causes of loss may not be covered. For example, the new laptop that gets damages as a result of a drink being spilled on it at a small gathering your child was having in their dorm room. A pipe breaks in the dormitory, causing water damage to a TV, computer, iPod including downloaded music, smart phone, etc. Also, you might consider your deductible on your homeowner policy. Most deductibles are $1,000 or more. A claim could also increase your premium for years to come. College is expensive enough without racking up higher premiums for your insurance. Heck, you might actually need to file a claim for serious damage to your house and if you already filed a claim for your child’s belongings things could get sticky. Your premiums are sure to go through the roof, and you may even be cancelled for high claim activity.
College Student Insurance or CSI has a simple solution. Get a policy for your student to protect their things and your insurance history. In Kansas and Missouri you can get a $5,000 property policy with a $25 deductible for about $130 a year. This will provide coverage for theft, fire, flood, earthquake, vandalism, water damage, electrical damage, even accidental damage. The property is covered anywhere the student might go, even to another school to visit friends for the weekend. Coverage is also extended to any property of the college or university in the students care. The policy covers all property including jewelry and course books!
Finally, for those parents whose children may be mischievous or practical jokers? Liability insurance is also available for very little premium. Don’t let your insurance history be ruined by your college student’s good time. And remember if you don’t pay the premium, you will own the loss.