College is expensive enough without finding out too late that an accident or theft isn’t covered under parents’ current policies.
Coverage of personal property
Most homeowners policies provide 10 percent of Coverage C (Personal Property) for property owned by an insured while it is at a residence other than the insured residence. That means if the contents of a policyholder’s home are insured for $100,000, a student’s property up to $10,000 would be covered if living in a dormitory – provided the damage is caused by a covered peril and the student meets the definition of a insured. Certain items, such as jewelry or expensive electronics my require special coverage or insuring it as a “scheduled item”.
There usually is an exclusion for damage to property rented to an insured, so generally damage to a dorm room or apartment would not be covered.
If a student’s needs can’t be met under their parents’ current policy, don’t forget about the asking for a Renter’s Insurance quote.