Graduating? One Word: Renters
For college students, spring means final exams and leaving their dorms. Sometimes for good.
Whether the scholar in your life is returning to the residence hall in the fall or is planning to get their first apartment, it’s worth thinking about insurance. And the truth is, the answer can be somewhat complicated.
Full-time students who return to campus in the fall under the age of 24 are normally covered under their parents’ homeowners policy. But if the student attends school part-time, or is 24 or older, they might need to take out a renters insurance policy to protect themselves and their belongings.*
Similarly, students who choose to live in dorms versus apartments can also differ in their needs. A student’s personal property is generally covered by their parents’ homeowners policy. But if they choose to live in an apartment, they might consider purchasing a separate renters insurance policy to provide for additional living expenses if the unit becomes uninhabitable because of something like a fire.
For graduates and students moving on from school who move into an apartment, the answer is easy: you’ll need a renters policy to provide liability and personal property protection as well as living expenses if something happens to your rental.
Your Agent can walk you through that coverages you need. We promise it’ll be easier than that econ final.
* Whether a student is entitled to coverage under their parents’ homeowners policy depends on the language of the policy and/or the law of the state where the policy was issued. Some states, like Virginia, consider factors other than a student’s age and full- or part-time status.
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