It is that time a year again – graduation time. I received five graduation announcements from friend’s kids last week alone. Hard to believe these kids I watched grow up will soon be leaving the nest and going away to college.
And, you might wonder what does this have to do with insurance? Well, with all of those computers, TVs, printers, MP3 players and designer clothes being packed away in trunks to bring to the dorms, you might want to consider how are you going to protect your child’s belongings when your child is away from home.
For students living in dorms, most of their personal possessions are covered under your homeowner’s or renter’s policy. If you are sending your student to live in their own apartment, make sure they have their own renter’s insurance policy.
But, there are some steps you need to take, before you shut that trunk and send them on their way.
Three Steps To Protect Your Student’s Belongings
- Take An Inventory. Make sure you have a record of all of the expensive personal possessions your child is taking, this includes pictures and serial numbers for all electronic items, and recording their jewelry inventory. Remember to revise the list every time they return to school, and engraving electronics is always a good practice.
- Check Your Policy Limits. Even if your policy cover’s your child’s possessions, make sure the policy is all encompassing. Some policies limit off-premise possessions to a percentage of the total amount of your personal possession coverage. And jewelry generally requires additional coverage.
- Consider Stand Alone Policies. IF your child is living in an off-campus apartment, make sure they have renter’s insurance. Otherwise, none of their possessions are protected under your policies. Also know that there are stand alone policies specifically designed for students living away and cover a variety of disasters.
So, short of leaving their valuables at home, which is often not possible in a student situation, talk to one of the insurance experts at Henry Insurance Service to find out how you can make sure your student is prepared for that first step out into the real world.