Is my college student covered by my homeowners policy?

Insurance coverage is an important, yet often overlooked issue facing college students.  How do you know if your student is appropriately covered? The answer may vary depending on your insurance carrier and policy form.  A good place to start is by asking your agent:

• Are my student’s personal possessions covered under my homeowner’s insurance?
• If my student drives a friend’s car and gets into an accident, is he covered?

The answers to these questions are imperative in determining what kind of coverage your current policies provide—and how to purchase additional coverages that may be needed.

Renter’s insurance policies are generally quite affordable, with annual premiums running around $150 to $200 for $15,000 of coverage for personal property.  Renter’s insurance will cover damages from fire, smoke, lightning, vandalism, theft, explosion, windstorm and water damage (non-flood related).  Renter’s insurance also covers additional living expenses if your student is unable to live in his apartment or house because of a fire or other covered loss.