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Bird Leaving the Nest? Make Sure They Are Covered

August 8, 2017

You've seen the receipts and more than likely the bank of mom and dad has had more than a few withdrawals. School is expensive; not just the tuition but all the other aspects such as food, supplies, and accommodations. The costs for books, the latest MacBook, printer, cell phone, gaming system, mini-fridge and the latest clothes can add up. Due to these costs and these expensive items, it is important to make sure all of your students must have items are protected when your high school grad takes the next step and pursues a post secondary education. 

Whether your child lives on residence, rents an apartment, or a room in a house with friends, you have a couple options when it comes to insuring your child’s belongings while they are hitting the books. 

Home insurance.

Although there are way too many campus residence fees, tenants insurance is not one of them. On the plus side, if your child is living in a school dormitory, there is a very good chance that they will still be covered under your home insurance policy. Home insurance policies will typically cover a dependent under the age of 21 who is temporarily living away from home and attending school. It is important to note that there may be a cap on this coverage; usually about 10 percent of your policy’s limit. Speak to your MIG insurance broker today to make sure your child is covered away from home to the extent they need. 

Renters insurance. 

If your child is renting an apartment, or a room in a home off campus they will require renters insurance. Their belongings will also not be covered under the landlord’s policy for the building. Having a renter’s insurance policy will protect your child’s belongings with contents coverage; it will also provide them with liability coverage in the event that something should happen on the property or someone is injured. Renters insurance is very affordable and is a small price to pay in comparison to the risks you are exposed to without it. 

Something to think about. If your child makes a claim under your home insurance policy, that claim will go on your record. If they have their own renters insurance, it will go on their record. 

Unfortunately, in life, accidents happen and thefts occur. Whether it is through the extension of your home insurance policy or a separate renters insurance policy for your child, make sure your student and their possessions are protected with some sort of property insurance as they head off to school. 

Get your renter’s insurance quote here

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