Does Homeowners Insurance Cover College Students?

In most cases, your homeowners insurance will cover your child while they are attending college, as long as they are full-time students living in on-campus housing. Furthermore, a student must be under the age of 24 to be eligible for this coverage. Otherwise, your child will be required to obtain their own renters insurance.

Even if your homeowners insurance covers your college student, you may want to consider purchasing additional coverage. Renters insurance, dorm insurance, and increased coverage limits on your existing homeowners policy are all options. When we compared the pros and cons of these options, we discovered that relying on your homeowners policy to protect your college student's belongings has several drawbacks.

How does homeowners insurance cover students?

College students who live away from the insured property will have their homeowners insurance limits increased by 10%. This means that a policy with $250,000 in personal property coverage covers your student at school for $25,000 in personal property coverage. To be eligible for this coverage, your student must live on campus and be under the age of 24.

If you are concerned that 10% of your homeowners insurance will not be enough coverage for your college student, you can increase the limit on your policy. Endorsements could also be attached to specific items or groups of items. This is important if your student intends to bring a lot of jewelry or expensive electronic equipment to school, because insurers frequently limit the amount of compensation they'll give for these types of items.

Homeowners insurance or renters insurance for college students?

As your child heads off to college, it's probably a good idea for them to get their own renters insurance policy. Although your homeowners insurance should cover a college student, the higher deductibles and potential premium increases make it less suitable than renters insurance.

The high deductibles associated with home insurance make filing a claim for the types of belongings your child would want to protect at school more difficult. A $1,000 deductible on your homeowners policy, for example, means you won't be able to claim compensation for damage or theft below that amount.

Even if you can file a homeowners insurance claim, the benefits may be outweighed by the fact that doing so will almost certainly raise your premiums. The average cost of homeowners insurance is already $1,089 per year, but it is even higher in disaster-prone states such as Texas and Florida. It may not be worth it to file a claim for a broken laptop or bicycle if it causes your homeowners insurance premiums to rise in the future.

Should I use my homeowners insurance to cover my college student?
Benefits	No additional cost of purchasing another policy Extends 10% of your property's coverage as long as the student lives on campus The policy remains useful during summer months
Considerations	It would be impossible to make claims on items that cost less than your deductible Any claims you make will likely cause your premiums to increase Your own insurance score could be negatively affected if your student has to make a claim

Renters insurance, on the other hand, is significantly less expensive than homeowners insurance, costing an average of $187 per year. Renters policies include the same extra coverages as your existing homeowners policy. If your student purchases a policy, they will receive full personal property and liability coverage.

Even if your renters' deductible is lower than the one on your homeowners' policy, it may be difficult to receive compensation for smaller purchases. For example, even if a student's renters insurance has a $500 deductible, they won't be able to replace a broken $350 tablet. As a result, purchasing dorm insurance rather than using your home insurance for your student may be a good idea.

Should college students purchase dorm insurance?

If you do not want to keep your college student covered by your homeowners insurance, you should consider purchasing dorm insurance. With a standard policy, your college student will typically only receive personal property protection, but you may have the option to purchase liability insurance as well. Dorm insurance policies typically have low, adjustable deductibles of less than $100.

Dorm insurance policies have lower deductibles than renters insurance policies, making them more appealing if you don't need the extra coverage. If your child doesn't have much property or if you can find a dorm insurance provider who includes liability coverage as part of a standard policy or for a low fee, dorm insurance may be a better option than renters insurance.

For dorm insurance, policies from services such as GradGuard are the best option. Such companies typically combine low prices with extremely low deductibles, as well as options for personal liability coverage.