by Gail Isley

Created on: December 20, 2008   Last Updated: December 24, 2008

Your son or daughter has finally graduated high-school and is ready to begin an exiting life as a college freshman. It has taken a while, but the two of you have finally made all the necessary preparations: school choice, degree choice, residence choice etc.
You may have even already decided how you are going to get all their personal belongings to their new dwelling place; but, have you thought of how to replace those belongings should they be stolen, lost or destroyed? If your student is planning on taking expensive items you should consider protecting them with the proper home owners or renters insurance policy.

In general, if the college student is living in a campus dorm, fraternity or sorority house, home owners insurance will cover a portion of the cost to replace expensive items such as lap tops, jewelry, musical items and wireless technology equipment. The amount given to replace these items usually has a standard amount or limit as set by the home owners insurance company, and may not be in direct relation to the full cost of replacing your son or daughters valuables. To take extra precautions, it is recommended that you do a scheduled endorsement for the more expensive belongings being taken to the college campus.
Scheduled endorsements of these items will increase the amount the home owners insurance policy will pay for replacement costs, without affecting coverage limits for the other valuables still remaining in your home. Most home owners insurance policies will only cover 10% when college students do not live on campus or in fraternity or sorority housing.

Should your rising college freshman stay off campus in a rental property such as a rental house or apartment, they are considered to have their own separate residence and will need to obtain renters insurance to have adequate coverage of valuables. Renters insurance is very inexpensive. Typically you can find the appropriate coverage for $15-$30 a month. There are two types of renters insurance: Personal Property and Liability. When renters insurance is chosen for Personal Property it is recommended that a comprehensive list of valuables is made and a picture of each valuable kept for your records in case of loss. The second type of renters insurance is Liability insurance. Liability insurance will not protect the loss of your college student's valuables; instead, it is a much needed coverage in case of claims or law suits made against your son or daughter for damage of a rental house or apartment.

College days are some of the most enjoyable and life changing days that your child will ever have. Please take a moment to consider the best type of insurance for your rising college students' coverage needs. Whether choosing to use home owners insurance or choosing to obtain renters insurance, you are helping to assure easy and quick replacement of your son or daughters valuables and equipment should there be a loss. Your college student will admire you for thinking ahead and protecting them from permanent losses of their most valued items.

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