Is Insurance Necessary

For College Students?

HARTFORD — College students may have already started another year of school, but are they returning to their dorms and off-campus residences with unmet insurance needs?

One thing parents and students need to think about is insuring children’s valuable possessions.

“Check your homeowners policy to see if the items your child is taking to college are covered in case they are damaged or stolen,” says James R. Berliner, CPCU, president of the Professional Insurance Agents of Connecticut Inc. “Prepare and maintain a list of possessions such as computers, televisions, stereos, cameras and jewelry, including the original cost and purchase date. If the value of these items exceeds the off-premises coverage limit of your homeowners policy, purchase additional coverage. You’d be surprised how much everything adds up.”

Students living on campus may be protected by the parent’s homeowners policy, as long as the student maintains residency in the parent’s household. Some insurers expressly define what “residency” means in their policy, but many insurers leave room for interpretation. Before a claim occurs, be sure to find out what criteria your insurer uses to determine whether your student child is still a resident of your household. College students renting an off-campus apartment or house while away at school may need to consider purchasing a renters policy, depending on the situation. In order to get the best protection, choosing a scheduled coverage option probably makes sense for high-value possessions such as computers, musical instruments, and jewelry.

Auto insurance is another consideration for college-bound kids. If your child is attending school more than 100 miles from home without custody of a household vehicle, you may be eligible for a reduction in your auto insurance premiums, according to PIACT.