If you have a child taking the next step in life, moving out of home in order to go to college, or start a new job, it’s important for them to have the right renters insurance. Whether they move into college dorms, an apartment, or a rented house, they will have many new responsibilities. Proper renters insurance for their new living situation can really help out if they face any unexpected problems.
Apartment/Renters Insurance Coverage for On-Campus Dorms
Before purchasing renters insurance, do some research and gather enough information about your child’s situation to know how much coverage they will need. Be sure to ask your insurance agent any questions you might have about the policy and how much it covers. Don’t just choose any policy, but pick one that is specific to your child’s needs and situation.
Generally, your homeowners insurance policy is still able to cover your child if he/she lives in an on-campus dorm that is within the coverage territory. However, there might be limits to the coverage. These limits may be the same as the ones relegated to your home, or they could be limits with just 10% coverage of your child’s possessions because they are off-premises.
In this case, changes can be made to your homeowners insurance. Let your insurance agent know your child is moving away and ask to add extra coverage to the existing policy.
What Does Renters Insurance Protect?
While your regular home insurance policy will cover your child’s personal belongings in the dorm, it isn’t enough to protect their apartment, especially if the child is moving into an apartment, condo, or off-campus dorm.
Good renters insurance covers everything from personal property, cost of living in the event of moving, damage caused to someone else, to indirect costs in unexpected circumstances like the total loss of the home, apartment, or condo due to fire, flood, or other natural disasters.
If the home becomes uninhabitable, renters insurance covers any additional costs of temporary housing and food.
To avoid purchasing costly insurance that might not even apply to your needs or situation, you can follow these three steps:
1.Firstly, let your homeowners insurance policy cover your valuables and personal property by separating it from others. Essentially, make a list of all of your valuables and property that will be accompanying your child to their new residence.
2.Get blanket coverage for your personal property to pay for expenses incurred above your homeowners insurance policy limits.
3.Lastly, purchase renters insurance for your child and get coverage for indirect costs like expenses arising from damages caused to another person.
Some other types of insurance you may consider purchasing for your child who is moving away are:
. Auto insurance, which will grant you a possible discount if you purchase it from the same company you got the renters insurance.
. Life insurance, which can help protect the family’s finances if your child passes away suddenly, leaving behind loans that are yet to be paid.
While unpleasant to think about, having these additional protections in place can grant peace of mind.
To understand more about apartment or renters insurance for your child, you can get the help of a local insurance agent to guide you through. At Abbate, we will help you to find the best insurance coverage at an affordable cost. We compare prices among different insurance companies to give you the best rates available. Contact us today!