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Autumn weather is around the corner, and it is already time to start class and return to university. As you get ready to head off to school there is one vital “to-do” to add to your list and that is a review of your home insurance coverage.
Does homeowners insurance cover a dorm room?
Typically, insurance companies will extend homeowners personal property coverage to students who live away from home while in school. Depending on policy terms, the homeowners policy could provide up to 10 percent of their Personal Property (Coverage C) off premises. This would apply to property located at a residence other than the primary home for covered perils.
For example, if the contents of your primary home policy has $50,000 for personal property, a student’s property could be insured up to $5,000, less your deductible. Assuming the damage is caused by a covered peril and the student meets the definition of an insured and policy terms.
Some companies or home insurance policies include coverage limitations or exclusion for damage to property rented to an insured on a home policy product. It is possible general damage to a dorm room, house, or apartment may not be covered unless you purchase a separate renter’s insurance policy. Check with your Britton and Britton Insurance agent for imitations on your primary residence homeowner’s policy before assuming there is coverage.
On campus or off campus, should your child purchase renters’ insurance?
Even if your landlord does not require you have tenant insurance in place, you should obtain this important coverage. Renters insurance helps protect your furniture, clothing, television and other personal belongings from theft, fire, and water damage. Renters insurance also can pay for temporary housing and additional living expenses if you are unable to live in your rental while covered damages are repaired.
Is renters insurance the same as liability insurance?
A Texas renters insurance policy can also protect you from personal liability if someone is injured while visiting you in your rental. The policy includes tenant liability insurance which can protect damage to the landlord's property due to negligence from you or your guests.
Liability Insurance comes standard with most renter insurance policies. This means you could be protected if some is injured in your rental or damages covered property due to negligence. It may help pay for a guest’s medical bills or repairs to their property if you are found legally responsible for their injuries or property damage.
What is umbrella liability insurance?
Umbrella coverage picks up where the liability limits of your homeowners and auto policies leave off. An umbrella policy provides “excess liability” and extends the limits of your underlying home, auto, or recreational vehicle policies. It can help protect you from bodily injury liability claims and property damage liability claims while providing a broader form of coverage and can cover legal fees, false arrest, libel, or slander. It will also pay to defend you in court against lawsuits if you are found legally responsible for someone else’s injury or property damage. Umbrella liability insurance is usually sold in increments of $1 million. The cost is roughly $130 to $300 a year for the first $1 million of coverage and about $100 per million of coverage above that. Its relatively inexpensive coverage for peace of mind.
If your insurance coverage needs are not met under your primary home policy, then you may need to obtain renters insurance policy. As a reminder, a landlords’ policy generally does not cover the possessions of a renter. Contact us to get specific answers and information about your coverages and be sure you have an adequate policy and start your quote now.
*Descriptions of insurance products and packages are meant to offer general ideas only, are necessarily brief, and are subject to policy provisions, limits, deductibles, exclusions, and conditions that can only be expressed in the policy itself. In the event of a conflict, the terms and conditions of your policy prevail. This information is provided solely as an insurance risk management tool. It is provided with the understanding that we are not providing advice or any other professional services. We shall have no liability to any person or entity with respect to any loss or damages alleged to have been caused, directly or indirectly, by the use of this information.
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