Having renters insurance in college can offer peace of mind

Your incoming freshman college student is raring to start, and all the dorm gear has been ordered or is already boxed up and ready formove-in day.

Anewlaptop, printer and smart phone, not to mention the big-screenTVthatwas a graduation gift frommomand dad. Anew bicycle to get fromone end of campus to the other and, of course, a thousand dollars in college textbooks are on theway.

That adds up towell over $3,000 in personal property that’s being lugged to a dorm roomthis fall that could be a haven for burglars, who perpetrate the most commonly reported campus crimes.

Nowcomes the question you probably haven’t thought muchabout: Doyou need renters insurance protection in case of theft?

The short answer: Some schoolsmay require students to have some form of renters insurance. But by and large, students living in dorms or other campus housing may have at least partial coverage on their parents’ homeowners insurance policy and don’t need a separate policy.

However, some homeowner’s policies don’t automatically cover a student’s dorm roomresidence or charge a higher deductible than a standard renter’s policy. In addition, coveragemay be limited to 10% of the personal property coverage in a parent’s homeowners policy.

Renters insurance is surprisingly affordable— in some cases as lowas $5 per month. Inmany cases, youmay be able to get a discount by buying renters insurance fromthe same company that insures your automobile. If your student is living off campus this fall for the first time, many landlords will require proof of insurance as a condition of the lease.

Whenshopping for a policy, insurers recommendadding up the value of your student’s personal belongings as accurately as possible to determine whether a policy’s limits are adequate. Knowwhat’s covered and what’s not.

For example, renters insurancemay cover the theft of a laptop but not for knocking it off a desk and cracking a screen.

Some insurers may add an apartment roommate or three for a slightly higher premiumas long their name is on the policy. Butmany insurers will require roommates to have separate policies.

For peace of mind, it’sworth shopping and comparing coverage and costs of various renters insurance at sites such as The Zebra.comand Gabi.com.

While youmay think college campuses are safe, serene communities, the reality is they are small cities where crime does happen. Then there are the unexpected damages from, say, a brokenwater pipe in adormthat floods lower-level roomsand destroys electronics, furniture and clothing, or a burglarwhocleans an apartment out of high-tech gear during a longweekend.

Finally, count on the unexpected, such as a party getting out of hand and a big-screen TVgetting broken, or an expensive laptop walking away. Those incidents occurred tomy kids, and Iwas glad I had renters insurance to cover the losses. The monthly premiumswerewellworth the money I spent for protection. Questions, comments, column ideas? Send an email to sbrosen1030@gmail.com.

SteveRosen

Kids & Money

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