At HPM Insurance in Milford, we get a lot of very good questions from our clients. Recently we had a client email us the following question, “Our daughter will be going off to college in the fall. Does my homeowners insurance cover her laptop and other possessions or would a renter’s policy be needed?”
As with most matters regarding insurance, the answer is it depends.
When your homeowners insurance covers your college student:
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If you have a homeowners policy and your child lives in a dorm, your policy will extend to their personal property as well. This means that if their laptop were stolen, there would be coverage, subject to the policy's deductible.
When your homeowners insurance does NOT cover your college student:
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If your son or daughter opts for off-campus housing like an apartment or perhaps a fraternity or sorority, they are essentially establishing their own residence and would need their own renter’s policy.
One thing to keep in mind is that most college students have roommates, but a renter's policy will only cover the belongings of the "insured" and not other roommates just because they all live together. That means if there are four roommates, four tenants policies are needed.
How do I make sure my college student's lap top is covered?
Typically the most valuable item brought to college is a laptop. Whether coverage is provided from your own homeowners insurance or a renter’s policy, the laptop is covered under the personal property section and subject to the deductible. Keep in mind however that it will only be covered for the specified perils listed in the policy like theft, fire, wind damage, etc.
Depending on the carrier, you may be able to broaden this coverage. We suggest you call HPM Insurance in Milford, or your insurance representative to get more information on your particular situation and insurance company options.
Another important consideration is virtually no policy will cover the process necessary to recover any data lost on a lap top.
How much does renters insurance cost for a college student in NH?
The cost of NH renters insurance is primarily based on how much coverage is needed. You will want to have your son or daughter consider what they are bringing (including clothes, furniture, books, stereo, etc.) and then put a value on it. Insurance companies will not typically write the policy for less than $15,000 in coverage and will cost approximately $150 a year. For more information on renters insurance, please read a prior HPM Insurance blog titled "Why Every NH Tenant Needs Renters Insurance."
If your son or daughter is going to college out of state and living off campus, they would need to obtain a policy from an agency and/or carrier licensed to do business within that state. Many agents are licensed in multiple surrounding states, but not all states, so give your agent a call to see if they can help or direct you to a reputable agent elsewhere.
Other insurance considerations for your college student:
When your son or daughter packs up and leaves for college, another consideration is whether they are bringing a car or not. For more information regarding this issue, please read a prior HPM Insurance blog titled "How Your Graduate Impacts Your Car Insurance."
The transition to college is a big one for parents and students alike. Start this transition off right with the confidence that you and your child are well protected.
April McBriarty-Weismann works as the VP of Business Development & Communications at HPM Insurance in Milford. To contact her, email april@HPMinsurance.com.
