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Should I purchase renters insurance for my college student?

If your college student can be considered a member of your household, meaning they intend to return to your home, at least temporarily, once they have completed their schooling, then your homeowners insurance may provide some coverage for your college students belongings and personal liability.  However, this means any loss or claim your student may have will be subject to your homeowner’s policy deductible.  Homeowners tend to carry higher deductibles than a renter, so this could be more than your child is able to absorb.   It also means that any loss your college student has will go on your personal insurance claims history.  This could cause your insurance premium to increase and could be substantial, especially if you have had any other recent claims.

Renter’s insurance can usually be purchased rather inexpensively, typically less than $300 per year. A renters policy will provide coverage not only for the student’s personal property against perils such as theft and fire, and personal liability coverage for the student, but can also provide some coverage to pay for temporary housing in case of a loss.  Many times, landlords will require proof of insurance from the student before allowing the lease to be signed if the student is renting or leasing off campus.

For more information on renters insurance, contact Associated Agencies.