Does My Homeowners Insurance Cover My Child at College?

Insuring your house is a critical step in ensuring your family's safety. As your children mature and attend college, they may lose coverage under this tier of protection. These children reside outside of your property, which may affect the coverage provided by your homeowners' insurance.

Is your child a student?

It all comes down to the coverage provided by your insurance policy. Generally, your home's insurance coverage covers college-aged children as long as they remain on campus. When their property or belongings are damaged due to the damage covered by your insurance, you can file a claim. Additionally, your child would be eligible for reimbursement of legal fees in the event of a covered liability case.

Regardless of whether your homeowners' insurance covers your child on the college campus, it is prudent to check with your insurance carrier to see how your policy covers your child's property while on campus. For instance, international coverage in your policy means that your property is covered regardless of where it is located in the world. Anything not covered by a global policy would only cover property in a dorm room.

What about youngsters who are not on campus?

Home insurance rarely covers children who are not enrolled in school. You'd need to find a more appropriate insurance package for children who live in fraternities, sororities, or other off-campus housing. If your child chooses to live off-campus, you can purchase a renter's insurance policy for them. It is preferable to purchase insurance coverage that covers only your child, rather than your child plus roommates.

How much coverage is typically provided for your child's college expenses?

Whether your child lives on or off-campus, you can obtain a house insurance policy covering your child's possessions. Generally, insurance companies provide limited protection for products and valuables such as computers, electronics, guns, jewels, cutlery, and cash. If the policy's limit is insufficient to cover your child's possessions, you can enhance it to obtain additional coverage. If raising your coverage does not suffice, consider purchasing separate insurance for your child's possessions.

Typically, if your child resides on campus, your home's insurance policy covers your child for 10% of the cost of the policy. If you paid $300,000 for the insurance, your child is covered for $30,000. If the 10% is insufficient to protect your child and their goods, you can easily increase the maximum or get a separate insurance policy.

What insurance choices are available?

Although your homeowners' insurance covers your child while he or she is away at college, there are a few gaps. You cannot submit claims for damage that is less than the amount of your deductible. Additionally, when your child makes claims, your insurance score may suffer, resulting in rate increases. What's important to consider is that damages to your child's possessions are almost always less than your deductible. This effectively eliminates protection for your child's possessions or assets. Renter's insurance has a significantly smaller deductible and is significantly less expensive for your children. Nonetheless, dorm insurance may be the best option if the deductible is insufficient to cover potential damage. In this manner, your child can pursue claims for even the slightest damages during his or her college years.