Insurance for your college bound child

If you have a child who is staying away from home in a dorm room or an apartment while attending college, there are few things you should know about insurance for his or her personal property including laptop, electronics and other belongings.

If your child lives in a dorm and you still claim your child as a dependent on your tax return, most homeowner’s policies will cover your child’s personal liability and may cover personal property. If your policy covers computers and electronics (most policies do) your child’s computer and electronics may be covered under your homeowner policy. However, these away from home coverage may be limited. If your child’s computer and other electronics replacement cost more than $1,000, consider adding an endorsement to increase the coverage of those items.

If your child lives in a rented apartment for a longer period, your policy may consider such stay as more than “temporary”. This is time for you to get a separate policy. Keep in mind, the landlords policy only cover the building, not your child’s personal property. In this case you can look for a renter’s coverage that includes theft and fire. Also, consider alternative housing coverage in case if the unit becomes unlivable.