Are you rushing to make final college preparation plans to send your son or daughter off to college? Many of our clients have kids who attend the University of Dubuque, Clarke University, Loras College and some other more distant universities. However, one topic that probably did not get discussed at college orientation is how your student can protect their self and their property after they leave your home.
At Ludovissy & Associates Insurance, we love to hear from our clients during this exciting time, and we also take the time to make certain that these parents have considered insuring their student’s property when they venture away from home.
Why Consider Renters Insurance for College Students?
Some students live in dorms, but others enjoy off-campus housing in either private apartments or rented homes. These days, all students need to make a large investment in expensive books, computers and other supplies necessary for success at a modern college. However, students and their families rarely consider how they could recover financially if this property were to be stolen or damaged.
Renters insurance only costs a few dollars a month, and it can provide peace of mind while your student advances in their formal education and learns to live on their own. Policies can provide coverage for accidents and injuries that occur in the rented space, as well as accidents that occur outside of the home that are caused by the occupants, pet or property.
The liability coverage contained in most renter insurance policies includes legal defense costs, if an incident is taken to court over an accident. Not only does renters insurance provide liability coverage, it also provides coverage for theft, and damage and destruction from fire, smoke, weather, and vandalism while renting a place.
Renters insurance may also cover your personal belongings. Look around your home. Take an inventory of the furniture, computer and electronic equipment, clothing, CD and DVD collections, bike, etc., that your new college student may be taking with them when they move. The cost to replace all of that personal property adds up.
Typical renters’ insurance policies provide a package of protection that includes:
- Property: Your student’s property can get fully covered against accidents, vandalism or theft. We suggest covering property at the replacement value instead of the actual cash value in order to ensure that you can replace lost or damaged items with new ones.
- Liability: If a visitor to your student’s college home claims that your student damaged property or caused an injury, this pays the bill.
- Relocation assistance: This is an option on many renters insurance policies, and it ensures that your student can pay for accommodations if he or she has to move out of his current apartment because of covered damage.
At Ludovissy & Associates, We Want to Serve Your Entire Family
By the way, if your student’s college career means taking a car out of town or not having access to your family car, we might be able to help you improve your auto insurance to deal with the new situation. Many top insurers offer a variety of discounts for college students too. These discounts might help you save money on rates that are typically higher for younger drivers.
We are an independently owned insurance agency, serving residents of the tri-state area. Just as we have served you, we hope to become your student’s insurance agency. You are welcome to contact us at your earliest convenience to discuss all of your insurance and financial needs as your life changes.