When sending your child off to college, it is common for them to bring along items like a computer, television, stereo, jewelry, clothing, and furniture. This sometimes leaves parents questioning if their child and his or her belongings will be protected under their homeowners insurance while they are away of home. The good news is that most homeowners insurance policies will provide coverage for personal property located away from the primary residence (such as a college dormitory), or even anywhere world-wide. However, there are coverage limits that parents should consider:
Does your child meet the definition of “full-time student” as defined by the school?
If not, the child may no longer meet the definition of “insured” under his or her parents’ homeowners insurance policy. It is important for your child to tell you when there are any changes to their enrollment status.
Is your child on the “seven-year plan?”
Many homeowners insurance policies extend coverage to a full-time students living away from home, provided he or she is under a certain age. Once that age is surpassed, the policy will no longer consider the student an “insured.” Check your policy or give us a call to determine if there is an age limit restriction.
What about coverage limits?
There are coverage limits for property that is located away from the insured’s primary residence. For example, a homeowners policy may provide $50,000 for personal property coverage but limit that coverage for property located away from the insured’s primary residence to only 10 percent of that amount.
Some property such as electronics, collectibles, high-value jewelry, and other valuable items may have separate coverage limits that are significantly lower than the normal personal property limits. Having adequate insurance is the best defense against a loss that could otherwise taint your child’s college years.
If you have questions on your policy, please call us at 845-986-1177 and we’ll be happy to review your coverage!