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Parents of college students know their children often have valuable assets at school, so it is essential to know whether and how your home insurance protects those assets. Home insurance policies generally cover your children’s assets as long as you claim them as dependents and they are 26 years old or younger. However, there are significant limitations you should know in advance. Contact our Southwest Insurance Center team serving Austin, TX if you need answers concerning your home or other insurance coverage.
Limits on Home Insurance Coverage of College Students
Home insurance policies generally cover your dependent children’s computers, bicycles, and other personal belongings against theft, vandalism, or other covered perils, as well as their liability if they injure someone or damage property. However, most insurers only cover those losses for students living in university-controlled housing. Students living with a fraternity, sorority, or off-campus are often not covered, which could leave their valuable assets at risk.
Parents should also know:
- Your children typically must be full-time students.
- Some insurers set age limits at 24 or 25.
- Low claim limits for jewelry, electronics, and other items may exist.
- Damage or loss of their belongings are subject to your deductibles.
- "Off-premise" property is often covered only up to 10% of your personal property limit.
Discuss with your agent how your policy handles student property before making housing decisions and adjusting as needed. For example, many college students benefit from buying renters insurance, which tends to be affordable and offers coverage similar to their parent’s home policy.
Insuring with Southwest Insurance Center
Southwest Insurance Center, serving Austin, TX, will help develop an insurance plan that meets your needs. Visit our office or call us today at 512-280-6100 to protect your family and its possessions.
Ph: 512-280-6100