08/13/2024
Does Your College Student Need Renters Insurance?
As your child prepares to embark on their college journey for the first time or they’re returning for another year, you might be wondering about the insurance implications of their new living situation. One common question that gets asked is whether your college student needs separate renters insurance for their college apartment. Let’s break it down for you!
Check Your Existing Home Coverage First
Typically, your homeowners insurance extends homeowners coverage to students who live away from home. This is because personal property is generally protected anywhere in the world under most homeowners policies, albeit with some limitations. Whether your child lives on campus in a dorm or other student housing, their personal property may be protected by your existing homeowners policy. Be sure to check with your local OKFB agent!
When Separate Insurance Might Be Necessary
However, there are situations where your child might need to purchase their own renters insurance. For example, if your child is 24 or older, or not a full-time student, they may not be considered an “insured” on your policy, meaning they may need to purchase insurance on their own if they want coverage. Some policies may have limitations on coverage for off-campus residences. Additionally, your policy may have lower limits for off-premises coverage, which might not be sufficient for all your child’s belongings.
Choosing Renters Insurance
Even if your homeowners policy does provide some coverage, there are several reasons why you might want to consider separate renters insurance for your student. Renters insurance can offer more comprehensive coverage tailored to your student’s specific needs. Additionally, some landlords or property management companies may require tenants to have renters insurance. From apartments to duplexes, and everything in between, we can provide affordable coverage to help protect your child’s personal belongings from unexpected damages or theft.
Remember, every situation is unique. It’s always best to review your current policy and discuss your specific circumstances with your insurance agent to ensure your college student has the right coverage for their needs.
We’re Here to Help
Whether you’re a longtime policyholder or just starting to look for insurance options, we’re here to help. If you have questions or concerns that you want to discuss, connect with your local OKFB agent today. If you have any insurance-specific questions, we would love to help you find the coverage that best meets your home, auto, commercial and life insurance needs.
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