There are few things in life that match the pride of seeing your child head off to college. It is a time of excitement, new beginnings and endless possibilities. While you may be concerned for the physical safety of your child, and rightly so, are you taking the necessary steps to protect your child’s personal belongings? According to the Federal Emergency Management Agency (FEMA), dorm fires cause over $4 million in damage to personal possessions and property every year. There is a good chance your child will store a multitude of electronic gadgets, textbooks, and clothes in a dorm, so you need to know that coverage is in place in the event of a fire, theft, or various other perils. If you’re debating whether or not renters insurance is really worth it for your college-bound child, read on.
1. Coverage Against Theft - Many college students dismiss the need for renters insurance, believing that the landlord’s insurance will cover the loss of all personal possessions stored in a dorm, flat, or university house. In some rare cases, landlords will cover the personal possessions of their tenants, but this is the exception and not the rule. For as little as $150 per year, you could insure your child’s smartphone, laptop, textbooks, TV, and clothes–a small price to pay, considering the combined value of those items.
2. Personal Liability Coverage - Imagine a fire starts in your child’s apartment or room, and that fire then spreads to the rest of the apartment block or dorm. Imagine a friend comes to visit and trips while on your child’s premises, breaking a bone. In both these examples, the injured parties could sue, and unless adequate renters insurance is in place, your child could be liable for legal costs and resulting damages.
3. Coverage for Displacement Costs - In the event of a fire, a serious burglary or an act of nature, your child may need to leave the rental property while repairs are carried out. This could involve removal costs and, of course, the cost of renting temporary accommodation. In many cases, displacement that occurs as a result of a named peril will be covered by renters insurance, allowing your child to get on with the important business of learning.
4. Replacement Coverage Can Minimize Disruption - Some comprehensive homeowners policies cover personal possessions when they are outside the home, and this could include your child’s possessions in certain circumstances. However, even if your existing policy does provide an element of coverage, it will probably only cover possessions up to their current value. As the cost of replacing laptops, clothes, textbooks, and smartphones is extremely high, it makes sense to purchase renters insurance that covers the cost of replacing them directly with like-for-like replacements. This will ensure that the disruption to your child’s studies is kept to a minimum.
5. Focus - Your child needs to concentrate fully on studying, and worrying about the loss of personal items and property damage could divert their attentions away from what is truly important. If your child has particularly expensive items, such as jewelry or collectable baseball cards, it is a good idea to consider an add-on for those items. Most renters insurance policies limit the coverage for individual possessions, and that could leave your child with a cash shortfall in the event of a loss.
Sending your child away to college is already an extremely worrisome time, so the last thing you need is the added worry of financial loss and the hardship that could result. Call one of our professional insurance advisors today at 740-998-5544 or 937-981-2272, and we’ll work to put your mind at rest.
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We at Donahue-Stangle-Brown and Cope Insurance Agency are an independent insurance agency that represents several insurance companies here in Ohio. Let us do your insurance shopping for you. We offer a wide range from auto insurance,home insurance, business insurance, business auto insurance, life insurance andfarm insurance. Please contact one of our professionals today at 740-998-5544 in Frankfort or 937-981-2272 in Greenfield. You are also welcome to contact us via EMAIL.