If your child will live in a school dormitory, your family homeowners or renters insurance policy may provide coverage for the college student’s personal possessions. But some policies exclude the home away from home altogether, and others limit coverage. Ask your agent what your policy covers.
If your child will rent off campus, a renters policy will be needed to protect personal property in the event of fire, theft, vandalism or water leak. The standard renters insurance policy also provides liability coverage in case your student damages another person’s property or a visitor is injured in the rented home. It also could provide additional living expenses should a storm or other event damage the residence, forcing your child to live elsewhere during repairs.
For both renters and dorm residents, high-value items, such as sports or musical equipment, often require a separate endorsement (often called a rider) to the homeowners or renters policy.
Finally, to make a potential claim easier, inventory all possessions as they’re loaded or moved into the new living quarters.