As you already know, college tuition has risen dramatically over the last few decades. While the cost to send them to the school of their choice is considerable, so too is the expense of their personal belongings. Laptops, printers, furniture and clothing are just a few of the costly items your students will need to succeed in the college setting.
If their property was stolen or lost, is your child protected?
According to a survey administered by the Insurance Agents of America, Inc. (IIAA), more than 100,000 property crimes on college campuses are reported to police each year. On average, over $1,250 in student property is stolen per theft. Unfortunately, if your child resides in a college dorm or university community, there are ample opportunities for theft or damage.
While the statistics are alarming, there are options available to help protect your child:
- Review Your Homeowners Insurance Policy: In most cases, if the student lives in a dorm or college-owned property, their personal possessions are typically insured for loss, damage or theft under your homeowners policy. However, we urge you to review your current policy as some plans are limited in regards to coverage for contents.
- Secure Renters Insurance: If your child does not live in college-owned housing, their property is not covered under your homeowners policy. To make certain they are insured against loss, we advise you to purchase renters insurance. For as little as $15 – $30 a month, you can ensure they are shielded from financial and emotional strain.
As your trusted insurance provider, we are available to assist you through all of life’s major milestones. For additional information on insuring your college student, please contact your OceanPoint agent today.