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international student

How Homeowners Insurance Can cover College Students.

Cover students living in Dorms, off campus apartments, limits to coverage.

College students usually have lots of valuable possessions like computers, laptops and other electronics. These can be expensive to replace if they are lost or damaged in a fire, theft or other incident.

The parents Homeowners insurance usually covers students possessions if they live in a dorm and they may sometimes offer coverage if the student lives off-campus in an apartment. This is possible as long as the students Primary Residence is at the parents home.

The rules for eligibility vary depending on the insurance, but mostly they require that the student be a full time student and be under age or 25.

Some insurers may cover the students possessions in college up to a maximum of less than 20% of the Possessions limit on your homeowners insurance policy. For example, if you have a $300,000 insurance policy on your home and 40% of that (i.e. $120,000) is covering the contents in your home, then your child's coverage in college will be 20% of $120,000 which comes to $24,000.

Some insurers may decline to cover the student's possessions if they live off campus in an apartment. In this case, you may want to buy a renters insurance for the student. For students with roommates, each roommate needs to get their own renters insurance.

For Car Insurance, if your student's car is covered under the family plan, this plan may be high because young people are higher risk drivers and insurers charge a higher premium. However if the student goes to college far from home and does not take their car with them, your insurance premiums can be reduced.

Children can now remain at their parents Health Insurance policy until they are age 26. However if your student goes to college in another state, you may want to check if your insurance coverage has in-network coverage in that state, otherwise they may end up paying higher out of pocket costs.


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