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Check Home Insurance When Moving Kids to College
Parents who are busy getting their college-aged children ready for the big move this fall may not be inclined to remember the importance of being sure their home insurance policies sufficiently cover belongings that will be kept in dorm rooms.
The Insurance Information Institute (III) recently pointed out that personal possessions kept in on-campus dormitories are often covered at least to some extent under the parents' home insurance policy.
"With sophisticated electronics and expensive sports equipment increasingly common on campuses around the country, many students may be bringing thousands of dollars worth of personal possessions with them to college," said III senior vice president Jeanne Salvatore.
The group advises parents and students to create a "dorm inventory" of all valuables that will be taken to college, since this will help streamline the claims process in the event of fire or other loss.
Also, individual home insurance policies will vary, which is why parents are urged to check what kind of coverage is provided to possessions kept in dorm rooms. For example, some policies will reportedly limit coverage for dorm room belongings to 10 percent of a family's total protection of personal possessions.
SOURCE: www.INSUREME.com
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