Do you have a young student planning to attend UW-Madison this semester? Are you planning to let them live off-campus? If so, you are not alone. Many of today’s college kids prefer to exchange dorm life and cafeteria food for more spacious accommodations and the low cost of shared rent with roommates. As many benefits as there are to living off-campus, doing so also comes with greater responsibility. Before you sign your student’s lease, consider how it may affect your insurance needs.
Renters Insurance is a Good Option
Many parents are led to believe that their homeowners insurance will cover a child’s personal property while away at school. While this is true to some degree, it is typically limited to full time students, and some policies limit coverage even further. Those who opt to live in an apartment or house off campus are subject to a different set of risks than their on-campus friends.
Since off-campus housing is not associated with your student’s school, the college is not legally responsible for the property. That means the school is not responsible for maintaining a safe environment or providing security for your student’s apartment or home. Instead, you will be working directly with a landlord who may have his or her own contractual and insurance requirements. In many cases, landlords require renters insurance for students. Either way, all students living in off-campus housing should consider a renter’s policy.
Fortunately, renters insurance in college is highly affordable and can provide complete coverage to give both you and your student peace of mind. For a very small premium – usually less than the costs of a parent’s homeowners insurance deductible – you can secure a policy that protects your child’s personal belongings and also provides liability protection if another person is injured or suffers loss at your student’s apartment or rental home. Most renter’s policies can be underwritten to include medical payments coverage, as well as coverage for financially liability related to your student’s personal activities or damages caused by a pet.
Other Tips for Off-Campus Living
As a parent, one of the most important things you can do is teach your child about financial responsibility. College may be the first time in your child’s life in which he or she is heavily involved in financial decisions and accountability. Will your student be expected to contribute to the cost of rent? Is there a plan in place in case a roommate fails to pay on time? Does your student fully understand the costs of off-campus living, including the cost of food and utilities? The experts at College Parents of America recommends taking time to discuss these topics, and involving your child in the rental and insurance process.
Give us a call or email us to talk about your student’s off-campus insurance needs. We can answer your questions about renters insurance and provide a free, no-obligation quote. We can also discuss other potential exposure risks your student may experience while living away at school, such as those pertaining to driving a personal vehicle and healthcare needs. Call us today for more information. We look forward to serving you soon.
