Amidst the emotional process known as sending our children off to college, it is important to prioritize your child's safety. Whether your child is living in a dormitory or an off-campus apartment, it is essential you ensure they have the necessary coverage to account for their expensive belongings such as laptops, televisions, printers, jewelry, etc.

According to the MetLife "Insurance Literacy" survey, almost 70% of respondents believed their insurance pays for the full cost to replace personal belongings in the event of a loss; in reality, nearly all insurance companies cap the amount covered. 

Here are some tips regarding your college-bound child's insurance coverage: 

  • According to the Insurance Information Institute (III), most possessions of students living in on-campus housing are covered under their parents' homeowners policy; however, there are limits. Some policies will only cover dorm possessions for up to 10% of the original policy. In addition, some categories of property may come with their own set dollar limits. For coverage regarding valuable and precious objects, you may consider acquiring a floater policy
  • Because of these limits, you may consider obtaining renters insurance; these policies cover your child's personal property in the event of damage from theft, fire, or any unexpected circumstance, which isn't covered by the landlord's insurance. 
  • Take inventory of everything your child plans on bringing to college, preferably with pictures and dollar estimates of the object's value. This will provide you an estimate of how much coverage your child will need.
  • Contact your agent, or visit our Rental Owners Insurance page to inquire about your family's insurance coverages and the implications of your child becoming a full time college student to determine if additional/supplemental coverage is needed. 

Thank you for visiting our blog. Hopefully, you came away with some great home insurance and safety tips. Keeping your family and home safe and protected is job one at Florida Peninsula Insurance Company. We are one of Florida's largest homeowners insurance companies offering multi-peril policies covering homes, condos, and renters insurance. For more information, or to get a quote, please call (877) 229-2244.