With computers, TVs, printers, PDAs and MP3 players being shipped off to school, it is more important than ever that students and their parents purchase the appropriate insurance protection. Theft can be a major concern on college campuses.
For students who live in a dorm, most personal possessions are covered under their parents' homeowners or renters insurance policies. However, some home insurance policies may limit the amount of insurance for off-premises belongings to 10 percent of the total amount of coverage for personal possessions. This means that if the parents have $70,000 worth of insurance for their belongings, only $7,000 would be applicable to possessions in the dorm. Also, most home insurance deductibles are 1% of the dwelling amount, which means that a $300,000 house will have a $3000 deductible apply before any coverage kicks in. Expensive computer and electronic equipment and items such as jewelry may also be subject to coverage limits under a standard homeowners policy. If the limits are too low, parents may consider buying a special personal property floater or an endorsement for these items. Students and/or their parents may want to consider purchasing a stand-alone renters insurance policy. This can be an economical way to provide additional insurance coverage for a variety of disasters. Most polices are only $120 per year and can cover up to $25,000 in coverage for personal belongings with only a $250 deductible.
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Rod Hanks
Rod has owned The Hanks Group, a Leading Nationwide Insurance agency since 1999. We help families and business owners protect their most valuable assets with a broad range of insurance products. We believe that finding the right auto, home, life and commercial insurance for our clients Starting out with 1 employee in a small office in East Dallas, The Hanks Group has grown to be one of the largest Nationwide Insurance Agencies in the Dallas Fort Worth Metroplex, with offices in Dallas and Fort Worth. Rod is always available to answer any questions about insurance or business at 214-275-8372 Archives
October 2018
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