Why You Might Need Dormitory Insurance For Your College-Linked Child

If you have determined that your child’s belongings are at greater risk than you would like, add in the cost of replacing the valuables and buy the best price from the following options:

Your home insurance will usually have your children covered while they live in an on-campus dormitory at no additional charge, says Janet Ruiz, director of strategic communications at Insurance Information Institute, an industry group. But coverage is likely to be limited, maybe up to 10 percent of that for your home. So if your policy covers losses up to $ 50,000, your student’s property will only be covered up to $ 5,000.

• A tenant insurance An average of $ 15 to $ 30 per month, depending on the state, is required if your child lives in an off-campus apartment because your home insurance will not be extended there. The premiums vary depending on the coverage required. You can also purchase a college lease policy specifically designed for off-campus life. Some colleges offer recommendations on providers for this coverage, or you can purchase it directly through GradGuard. You can also view online offers for tenant insurance.

• Dormitory insurance may be the best option as the deductible is only $ 25 as opposed to $ 500-2,000 for home insurance. And your home contents insurance should really be reserved for major damage with damage to the structure and contents, not for minor damage such as a stolen computer. This coverage is often offered as part of enrollment and costs $ 140 per year for a $ 5,000 policy with a $ 25 deductible. Two companies in this space that have been rated A + by the Better Business Bureau are Arthur J. Gallagher and National Student Services.

• A tenant or Homeowner Policy “Floater”“Or confirmation may be required if you want to ensure that very valuable possessions, such as computers, are covered.

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