Your children are all grown up and are now leaving the nest. Now that the car is all ready to go and packed to the ceiling, you may have some last minute concerns. For example tuition, courses, etc. One thing many parents don’t think about are the belonging in the car. Will they be insured in his or her dorm?
In their dorm rooms they will include second hand furniture and other thrift store items, among these there will be a few pricey electronic devices and gadgets. Chances are you have been too busy to consider the importance of insuring these possessions before they end up leaving. Normally homeowners or renters insurance policies will cover student’s belongings in the dorm, but here are a few things you might not have thought of.
- First start by checking and confirming that your student’s belongings are going to be covered under your homeowner’s policy.
- Second start checking your limits; policies sometimes limit dorm coverage up to 10% of the total. Which means a policy providing about $150,000 coverage for their belongings at your residence may only provide dorm room coverage up to $15,000. That may seem like a lot of money, but you have to also keep in mind of the replacement costs.
- Next start taking inventory before it’s all crammed into the dorm room. Make a detailed list, including values of everything you are bringing there. Create a file including receipts for electronics and other high-end items in case you have to make a claim.
- Don’t forget to consider options and alternatives. Your homeowner’s policy may cover your student’s laptop from theft; it will not replace it if it’s shorted out by a spilled coffee. For individual items like this one, consider riders or special warranties that protect against accidental damage. Also items such as heirlooms and expensive jewelry are better left at home, so nothing bad happens to them.
When your children are leaving home for college, the experience can be wrenching, exciting, and frustrating. Make sure it’s not a bad one by insuring your student’s personal belongings before you start packing the car. Speak with an agent today at Brazelton Insurance Group, they can sit down with you and go over your homeowners policy, before your children are off to college.