Many parents mistakenly believe their homeowners policy provides all the coverage their children will need when away at college, but unfortunately this isn't always the situation, especially if they live off campus.
Here is what parents and college students should know about apartment insurance, also known as renters insurance:
1. Check your homeowners policy or your parents' homeowners policy. Some policies provide coverage if you are listed as a dependent on your parents' policy and live on campus, but you might not have coverage if you live off campus.
2. Check into renters insurance. It's affordable and protects your personal property including computers, electronics, furniture and other valuables even if you're living off campus.
3. Don't risk being under-insured or without coverage because you mistakenly forgot to update your insurance when moving off campus or forgot to purchase insurance after you were no longer eligible for coverage under your parents' policy. Renters insurance is inexpensive and easy to obtain.
4. Keep your receipts. In the event of a loss or claim, you will need proof of what items you own. Serial numbers, photographs and receipts will help document your loss should the need arise.
5. Some parents encourage college-aged students to have their own renters insurance, as well as liability and other coverage in order to reduce their total risk exposure, particularly if their college aged student has a history of claims or increased risk exposure.
The above-listed tips are for informational use only. Refer to your insurance policy contract for specific information regarding your coverages and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.