It’s August and if you’re like many Americans with college bound kids, you’re preparing for the start of their school year. If it’s your first, then one thing you might not know is that your homeowners or renters insurance will cover their possessions while they’re at school.
Your kid might be bringing something as inexpensive as a boombox or as pricey as a new laptop to school, either way it’s important to double check that your insurance will cover them. In most cases, if they live in any sort of college housing, such as a dorm, then your insurance policy should still cover their possessions. If they live off campus then your insurance will not cover him or her.
If they rent an apartment, they must get their own insurance policies to cover their possessions - it’s out of your hands. You might also want to have them get renters insurance just so it’s separate from yours and so that your premiums don’t go up if something unfortunate happens. Luckily, renter’s insurance is very affordable, often only ten dollars a month, so it’s foolish not to get it.
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