Property insurance options for students

What your options for property insurance are

WRITTEN BY: Janelle Vreeland
Property insurance options for students

According to Juststolen.net an estimate of 1.2 million iPods/MP3 players will be stolen over the next 24 months in the US. As college students head off to school, many of them are arriving on campus with boxes of expensive possessions in hand. Laptops, MP3 players, cell phones and digital cameras are among the staples of a modern college student. “Personal property insurance doesn't only cover their expensive electronics, but also items like furniture, jewelry, bikes, clothing, and textbooks,” said Matt Shaw, Business Development Manager, Worth Ave. Group.

These items carry hefty price tags and the chances of these items being lost or stolen increases while the student in college. Property insurance is an option that students that can opt to purchase to lessen the blow if their belongings are stolen or damaged.

“Personal property insurance can help students (and their parents) rest easy, knowing that these prized possessions are protected from theft, damage, and other common campus mishaps,” said Shaw.

Property insurance options for students can be tailored to fit the needs of the individual. According to Bankrate.com, parents commonly have two choices when insuring the possessions of their college-bound kids. One, they can get the student covered under their existing home owner’s policy or two, they can buy renters insurance. Both options have advantages and disadvantages. “I think the most important thing students need to consider when looking for a policy is what exactly is covered in the policy,” said Shaw.

The advantage to renters insurance: the student’s claims won't affect the parents’ homeowners insurance. In addition, the policy can be personalized specifically for the student. This option of property insurance helps the student judge which of their belongings requires insurance and which of them don’t. A customized insurance policy can ensure that the student’s possessions are effectively covered.

“Another important thing to look for [when looking into coverage] is whether or not there is worldwide coverage. With worldwide coverage, a student's personal property is covered even if they are studying abroad, on the beach for Spring Break or home on summer vacation,” said Shaw.

According to the Commonwealth of Massachusetts most renters’ insurance policies provide two types of coverage: personal property and liability insurance. Personal property coverage pays to repair or replace personal belongings if they are damaged, destroyed, or stolen. This is the most commonly purchased renters’ policy.

On the other hand, the biggest disadvantage of renters insurance is that it is more expensive. However, due to the policy’s ability to be flexible the policy doesn't have to be overly pricey. Student’s have the opportunity to be specific with what they want fulfilled. Renter’s insurance offers a variety of options for students to choose from, which may be limited if they are under the parent’s coverage.

In comparison another option parents and students have for property insurance, is adding an additional policy under their parents. The biggest advantage is the cost. It is cheaper to add the policy-holder’s child under the already existing plan, but, this option holds the parent(s) responsible for any claims and puts the policy- holder at a disadvantage. Repeated claims can raise homeowner’s rates and affect the potential to get more or different insurance in the future, according to Bankrate.com.

Nevertheless, there are a variety of property insurance options for students to choose from and when considering that “38 percent of college students experience at least one theft during their schooling, and over 63 percent will experience damage of an electronic device. Personal property insurance can help students (and their parents) rest easy, knowing that these prized possessions are protected from theft, damage, and other common campus mishaps,” said Shaw.

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