When your student heads off to college, they may take computers, TVs, their wardrobe, sports equipment and anything else they can cram into the car. The value of these possessions can add up, so make sure they’re covered by your homeowner’s insurance or a separate renter’s policy.

Students living in dorm rooms are typically covered by their parents’ homeowners policy if they are temporarily living at school and are younger than 24 years old. However possessions in a dorm room are considered “personal property located off premises” and most homeowners polices limit coverage to 10% of off-premises property.

Example: if you have $100,000 in coverage for your home, your student’s dorm room is covered up to $10,000. If your student is taking a lot of pricey electronics and other valuable items to school, he or she may want to take out a separate renter’s insurance or property policy if the value of their belongings exceeds the coverage offered through your homeowner’s policy.

Renter’s insurance is a must if a student is living in an off-campus apartment. Most insurance companies consider students’ apartments as permanent residences, which means a parent’s homeowners policy doesn’t apply. A landlord’s insurance also doesn’t cover a renter’s personal property. Renter’s insurance covers the possessions in the unit in the event of a loss. It also protects the individual from liability if he or she causes damage to the rental unit.

If you have questions about your student’s insurance needs or you want to review your homeowner’s policy, contact us at Neckerman Insurance Services. We can help make sure your student has the right coverage for their home away from home.