June 15, 2021
A milestone in and of itself, college presents with a number of struggles and everyday challenges for our college-bound children, which is why we, as parents, want to do whatever is possible to minimize the complex tasks our young adult children are faced with. When our kids head off to college, they take with them their favorite furnishings, every piece of electronics they own and, of course, their every article of clothing. They venture over to the nearest department store with Mom and Dad to purchase all those apartment necessities and then some. Though furnishing their dorm, new college apartment or new rental home is critical to their next four years and attributes to their comfort and safety, insuring all those old and new belongings is an even more critical task to undertake. That’s where every Mom and Dad comes in. Renter’s Insurance for Your College Young Adult Whether your child is renting a home with a group of college buddies, or renting an apartment on their own, it is critical that your child’s possessions are insured to safeguard them should there be a fire, theft, water loss or the likes. If your child is living in a dorm here at UConn, more thank likely your own homeowner’s policy can and will cover their belongings and possessions, but is dependent upon the type of policy you have and the insurance company that actually wrote the policy. Many homeowner policies will cover life in the dorm, but they vary desperately as to what coverage they will actually provide for students who are now living on their own away from home. But for the college bound student who elects to rent a home or apartment, it is a very good idea to purchase a separate policy from your typical homeowner’s policy. You should invest in a Renters policy and be sure the Renters policy of choice provides the adequate coverage you want and need for your college bound student. Coverage You Want to Include in Your Separate Renters Policy The three basic protection you want for your student child include: Coverage for Personal Possessions – If your child’s belongings or prize possessions are damaged in any way, lost, fall prey to vandalism or fire/water damage, you want to be sure they are fully covered so your child does not suffer a dramatic loss. Liability Coverage – Should an individual slip and fall and ultimately suffer an injury, perhaps while visiting your student child or even attending a party at their humble abode, you want to ensure that you have appropriate coverage to cover any type of losses. Liability coverage will not only help to cover all types of medical expenses that may be incurred as a result of a slip and fall or any other harm suffered, but should you find yourself faced with a lawsuit as a result of an injury, then liability coverage will also pay for legal fees you may incur to defend your child in a legal action. Coverage for Additional Living Expenses – If your college bound student becomes displaced because of a fire, water damage, storm damage, roof repairs or the likes, additional living expense coverage comes into play to cover the cost of other living arrangements such as a motel or hotel. It can even provide coverage if your child elects to find himself or herself another apartment or rental home to serve as a temporary living space rental until such time their apartment or rental home is returned to its pre-damaged state and is suitable for your child to move back home to. Why Renters Insurance is so Important for Your College Bound Child Whether your child is heading off to live in a college campus dorm, or is rending a house or a small off-campus cozy apartment, it is critical that you protect all your child’s possessions. Many students have a variety of personal items they bring along with them, from a wide range of different electronics and sports equipment to furniture and clothes, all of which have a value of thousands of dollars. In addition, as we noted above college parties and gatherings are one of the most common scenarios that can ultimately result in trouble, including property damage and even personal injuries. With that said, it is an absolute must do to invest in a separate Renters Policy for your college bound child to not only protect their possessions and belongings, but to protect their safety and your pocketbook from potential lawsuits that, as we all know, can become quite costly. It's Better to Be Safe Than Sorry The overall cost of a Renters Policy is remarkably inexpensive and with that fact in mind, the team here at UConn wants to help parents and college students alike to understand the significant role effective and affordable Renters insurance can and will play in your child’s life. Investing in affordable Renter’s insurance for your college student is a surefire way of being safe rather than sorry. A Renters Policy can prove to be much less costly than having to replace all your child’s belongings as the result of a fire, storm or theft or having to cover the costs incurred with an unfortunate liability lawsuit.