Like some of you, I’m sending my children off to college this week. It’s amazing all the “stuff” they take — so much more quantity and more value than when I went to college. What would happen if your child’s possessions were destroyed in a fire or tornado? Would your insurance cover the cost of replacing all the electronics, furniture, books, and other supplies?
Whether your student is living in a residence hall or an apartment, be sure to talk with your insurance agent about this. Ask what coverage you have for property that is “off premises” (in other words, located somewhere outside your home). That will help you decide if your child needs to have his/her own renter’s insurance to cover their stuff in case of theft or other disaster.
If you decide you should have extra coverage for your child’s possessions while they’re away at school, use this opportunity to teach your child about renter’s insurance. Take her/him with you to talk with the agent and pay for it. Even though it is inexpensive, renter’s insurance is often neglected by young adults, and if your child learns its importance while in college, then he/she will be more likely to get coverage after college, as well. ~Barb