When today’s teenagers move out of their childhood homes and onto college campuses, they often take a lot of technology with them. From laptops, tablets and smartphones to gaming and stereo systems, it’s estimated that two roommates in a single dorm room move in with approximately $6,000 worth of electronics between them, and that’s not taking into account other valuables.
Coverage and On-Campus Living
In most cases, a parent’s homeowners or renters insurance policy provides some coverage for a dependent who is enrolled full-time and living on campus. Still, it’s important to note that there could be a limit to the amount of off-premises belongings one can claim. For example, some policies may cap coverage at 10 percent, so if a parent’s policy has $150,000 worth of coverage for their belongings, roughly $15,000 could be used to replace possessions outside the home.
Once a student moves off college grounds, they’re less likely to be covered by a guardian’s insurance policy. In this situation, parents may consider purchasing a separate renters or dorm insurance policy for the college student or opting for specific stand-alone policies for high-cost gadgets and electronics.