The college school year is about to begin, and there are
probably many last minute items you are checking of your to-do list to help
prepare your child for academic success. In addition to purchasing the
necessities such as books and electronics, Hunter Insurance would like to
remind you to complete one of the most important tasks - insuring their personal
belongings.
College students own a long list of expensive items – computers,
printers, iPods, TVs, etc. The overall
value of all their items can add up pretty quickly. But living in a dorm or
university community allows for ample opportunity for theft or damage.
According to a survey conducted by the Independent Insurance Agents of America,
Inc., (IIAA) more than 100,000 property crimes on college campuses are reported
to police each year, and thieves steal an average of $1,250 in student property
per theft.
At Hunter Insurance, we want to inform you of two insurance
options available to you to protect your student for the upcoming school year:
- Utilize Your Homeowners Policy: If your child lives in a dorm or other college-owned property, their possessions are typically covered automatically against loss, theft, and damage under your homeowners policy. However, coverage is often limited to approximately 10 percent of the policy's coverage for contents.
- Renters Insurance: If your child does not live in college-owned housing, your homeowner’s policy won't provide coverage. Fortunately, however, there is the option to purchase a renter’s insurance policy for about $15 to $30 a month. Similar to homeowners insurance, these types of policies are available in two basic forms: Actual cash-value policies cover the value of the item at the time of loss, taking depreciation into account, and replacement-value policies cover the cost of replacing the lost item with a new one. Replacement-value policies cost more, though both types are subject to the coverage limits.
