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Do College Students Need Dorm Insurance?

Dorm Insurance: Myth or Truth?
So, your nest is almost empty. Your little baby is about to venture into the wide world to attend college. It’s a tough transition to trust that they will be okay on their own. After all, when you look at them, you still see the little kid you read stories to and tucked into bed at night.

The biggest concern you have is for their general safety and well-being, and that includes protecting the place that they live. Whether a dorm room or first apartment, your child deserves the same security you have provided all along. You never stop being a parent!

Is dorm insurance a way to provide that security? Does it even exist?

Yes, dorm insurance does exist. If it’s needed, however, is another story.

When Should You Get Dorm Insurance?
Before considering dorm insurance or tenant insurance, ask your insurance provider about your current homeowner’s or tenant’s policy. You may find that your child will continue to be covered or that your child can be covered with an extension or addition to the policy. In any case, it’s always beneficial to know the policy’s coverage limits for personal property.

Example Policy: Your homeowner’s insurance covers $100,000 in personal property but limits that coverage to 10% for belongings off-site. This would mean $10,000 of off-premise coverage would be allowed for your college student’s dorm.

The two reasons you would seek dorm insurance after inquiring:

  1. Your current homeowner’s insurance policy does not cover any off-premise belongings.
  2. Your current homeowner’s insurance policy covers less than the amount of property your son or daughter is taking to college and needs covered.

Keep in mind that off-premise coverage sometimes only applies to your child if they live on campus. So if they live in an apartment, their belongings may not be covered.

Other Options Aside from Dorm Insurance
Even with a certain percentage of off-premise property covered, there might be items of great value that you could consider covering directly. This would be part of a scheduled personal property coverage or “floater.”

While you can establish a “floater” for both on-campus and off-campus housing, you might also consider tenant’s insurance off-campus. A tenant’s insurance policy is like a homeowner’s insurance policy. Each policy covers different potential risks and should be discussed with an insurance broker. The added benefit of a tenant’s policy is that it provides liability coverage in case of accidental damage to a landlord’s property.

To begin discussing your homeowner’s insurance policy and your child’s coverage, call Higgins Insurance at 1-866-273-2911.

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