Now is that time of the year when thousands of young adults pack up their belongings and head back to college for another semester of fun and learning. Although packing, driving, and unloading is often chaotic, it is the best time for a student to inventory their belongings. Why make the time to create an inventory?
It may seem like the life of a student does not cater to expensive items and, therefore, an inventory is a frivolous task. An article published by Cincinnati Insurance, “College students, it’s time to take stock of your stuff” (Aug. 4, 2015), advises that students are often involved in sports, clubs, internships, and classes that require a wide variety of tools that fetch a pretty penny. In their everyday life they use laptops, books, cell phones, skateboards, bicycles, musical instruments, personal care items, furniture, and items like clothing! Within their small living spaces, students manage to efficiently store a variety of items that could be lost in the event of theft, vandalism, fire. I mean, let’s be serious, dorms are regularly being evacuated because a student accidentally burned a bag of microwave popcorn or microwaved their travel mug.
Many parents assume that their child will have coverage at college and they don’t bother to research the topic. If coverage automatically extends from a Homeowners Policy to a child’s dorm or apartment, that coverage is commonly limited to 10% of the Dwelling (Coverage A) amount. Even if some coverage does extend, the limited amount that is provided may not cover all of the student’s exposure. One should never assume that they have coverage in any location (other than the primary policy location) without contacting their agent and reviewing the conditions of their policy.
So how do you know if you have enough coverage while away at school? The first step is to contact your insurance agent and verify the conditions of your insurance contract. This will confirm whether you have coverage, and how much. Once you are aware of your coverage limit, take an inventory of your belongings while packing or unpacking. Sort through items like jewelry, textbooks, technology, clothing, and sports equipment to get a general idea of what you would need to replace if a tragedy would occur. If you do not have enough coverage, talk to your insurance agent to see if you can add coverage to the existing policy or whether you can get a Renters Policy.
Before you settle into your new living space at college, make sure that your belongings are adequately insured!
Bomkamp, Kristen. “College Students, It’s Time to Take Stock of Your Stuff – The Cincinnati Insurance Companies Blog.” The Cincinnati Insurance Companies Blog. 4 Aug. 2015. Web. 21 Aug. 2015.
Photo Credit: jill111 (pixabay)