|
 |
 |
Check Your Insurance Coverage
Before Students Head Back to School
DES PLAINES, Ill. 8/3/2000 - Summer
is winding down, and many young adults are packing their belongings
to enter or return to college. But today's students are toting more
than the traditional stereo system or boom box. Computers, cell phones,
televisions, personal digital assistants, high-priced bicycles and
other expensive and easily stolen items are common in today's dorm
rooms.
How do parents or college students protect this valuable property
while on campus? Fortunately, the answer may be as close as the parents'
homeowners' policy.
"With the proliferation of high-tech and expensive items, protecting
personal property while living away from home is more important than
ever," said Donald L. Griffin, director of business and personal lines
for the Insurance and Research Services Division of the National Association
of Independent Insurers (NAII). "Luckily, most standard homeowners'
policies extend coverage to students living away from home."
Coverage is extended to students if they have been at the school residence
at any time during the 45 days immediately prior to the loss, Griffin
said. There is no limitation on the amount of coverage, other than
the standard personal property limit already stated on the declarations
page. Any loss is also subject to the policy deductible and the other
policy provisions.
However, Griffin pointed out that parents and students should be aware
that certain types of property have coverage limitations. For example,
there's typically a $200 cap on cash in the event of a theft. Electronic
devices designed to be used in vehicles, such as tape players, CD
players or radar detectors, are limited to $1,000 when they're not
in the vehicle and away from the primary residence.
Probably the most prevalent concern is about desktop and laptop computers
and here coverage varies, Griffin cautions. In some instances, it
may be better to put items like computers on a separate policy, or
specifically list the computer and its value on the homeowner policy
in insurance language, 'schedule' it," Griffin said. "This method
provides broader coverage and eliminates the deductible, which can
range from $100 to as much as $1,000."
Things become more complicated if the student rents an off-campus
house or apartment in his or her own name or with others. In that
case, it may be better to purchase a separate renter's insurance policy,
which resembles a homeowners policy in most respects, but without
structure coverage, Griffin said. One reason to do this is that once
a rental agreement is signed, the student has essentially established
a separate residence and may no longer be considered an "insured"
under the parents' homeowners policy.
"With all the variables involved, the safest bet is to consult with
your insurer or agent about which approach is best for you," Griffin
said. "Attending college today is an expensive proposition. A few
minutes spent reviewing insurance issues may help save money later
on."
The NAII, based in suburban Chicago, is the largest full-service
property-casualty trade association in the country, representing
more than 675 member companies. NAII members write more than 33
percent of the nation's property casualty insurance, and more than
11 percent of all homeowners coverage.
|
|
 |
 |
|
Call Now For Your No Cost Obligation Quote:
1-877-834-7532
Update Quotes & Purchase
If you have an existing quote, you may retrieve your information
to review or change coverage elections and purchase insurance.
Note:
A discount may be available if you currently have an auto policy with us.
|
|
|
Products & Services
