You are off to college, and you’re planning to live off-campus. You bypass the dorms and unload all of your belongings into your own room. Weeks later while you are home for Thanksgiving break, the house burns to the ground, destroying all of your belongings. Are you covered? Read on to find out what types of insurance off-campus students may need.
Personal Belongings Are Not Likely Covered by a Landlords Insurance
Landlords have insurance to cover the loss of their apartment or building, and to provide liability coverage as well. Some renters assume this insurance extends to their personal belongings as well, and will pay to replace their expensive TVs, gaming consoles, designer clothing, and other personal effects. While it is never a good idea to bring pricey or irreplaceable items away to school, it’s even worse to assume that a landlord’s insurance will provide coverage for your personal property.
In many cases, off-campus students do have automatic personal property protection under their parent’s homeowners insurance policy. However, this is not always the case. Some homeowners policies have certain exclusions for college students living off campus, whereas other students have parents who themselves rent and are therefore they are not covered under a homeowners insurance plan. It is important to verify whether you have coverage under a homeowners policy before attending school and if so, to know what you’re covered for, and how much coverage is in place.
Renters Insurance for Off-Campus Students
Even if your parent’s homeowners policy provides you with some coverage, you may still benefit from a renters insurance policy when living on your own. Renters coverage helps protect you and your parents against the unexpected. That means that if you lose everything in a fire, you will receive funds to replace those assets with little out of pocket expense other than the deductible you choose. In addition, renters insurance can protect a parent, who assumes contractual liability when signing the lease on behalf of a student. It may kick in to pay legal fees, medical payments, and other expenses incurred by another person who sues your student for personal loss or injury as well.
Auto Insurance for Fraternity and Sorority Members
If you attend school close enough to home, you may be allowed to remain on your parent’s auto insurance policy. However, if you’re not attending UW-River Falls or another school nearby, you may be required to purchase an individual auto policy. Whether you stay on a parent’s auto insurance policy or obtain your own protection, make sure you meet the liability requirements of the state you attend school in, as well as the state your vehicle is registered in. It is also important to ensure your coverage includes comprehensive protection as well as liability and collision, which pays to repair or replace your vehicle when damaged due to a covered event other than an accident, such as theft, hail or vandalism.
On the other hand, if you plan to leave your vehicle at home while away at college, contact your insurer to let them know, as you may qualify for auto insurance discounts while you are away at school.
Get a Free College Insurance Review Before Moving Off-campus
Do you know the ins and outs of your personal property and auto insurance protection? Before you sign that lease, let one of our agents review your coverage for exposures and gaps in protection. Our team is experienced in helping college students, and their parents find that college insurance coverage they need at prices they can afford. Call today for a free quote and more information about our college insurance solutions. We look forward to serving you soon.