12
Sep

Insurance And College

The time has come to send your son or daughter off to college. When they move into their dorms, they will be bringing all of their belongings including their laptop, iPad, and other expensive gadgets. Have you ever wondered what would happen if any of their possessions were stolen? Did you know that those items might be covered under your New Jersey homeowner’s insurance?

Well the short answer depends on your policy and whether your son or daughter will be living in campus housing. Generally speaking, a standard homeowner’s insurance policy will cover the personal possessions of a student living away from home.

Some New Jersey renter’s insurance may provide protection, too, but the
details on each policy can differ, so you will have to check with your local independent agent for the details.

Obviously a big factor to determine coverage is likely to be where the student lives. For example an on-campus dorm is more likely
to be covered than an off-campus apartment.

Some New Jersey homeowner’s policies may limit the amount the insurance company will cover for a student away from home. One case would be If you have $100,000 of coverage for personal possessions and
your policy limits off-premises coverage to 10 percent, a dorm room
theft would be covered only up to $10,000.

It may sound like a lot, but think about this – your child has expensive computer equipment, electronics, maybe musical
instruments, or sports equipment, you
will want to make sure it’s all covered.

Another option is to add a “personal
property floater’’ to your New Jersey homeowner’s policy, which can increase the
coverage for certain property like jewelry or an expensive instrument. This addition can not only increase your total coverage amount, but
can also include broader coverage for mishaps like a “sudden
disappearance.’’

If your son or daughter lives off
campus, there’s a good chance you’ll need New Jersey renter’s insurance. Renter’s
policies usually cost just a few hundred dollars a year, depending on
how much you are insuring, but they can include liability coverage, as well
as coverage for possessions.