While millions of students attend college every year, a new study by the Independent Insurance agents of America revealed that most parents and students don't think enough about insurance, leaving them severely exposed to theft, damage or loss.
Unfortunately, too many students are the victims of these crimes during the school year.
In cooperation with the College Parents in America, the national study found:
More than 80 percent of students who rent apartments have no insurance to protect their personal property.
This is significant because 55 percent of students live away from home during the school year, with nearly 20 percent renting off-campus apartments and almost 10 percent owning their own home.
Typically, a homeowners policy covers property away from home up to a limit of 10 percent of the contents coverage. For example:
If your home is insured for $100,000 the contents are covered for half that amount, equaling $50,000.
Therefore, property away from home is covered for $5,000 minus the policy's deductible.
However, if your child lives off campus, your homeowners policy may not apply.
Many insurance companies do not consider the student a part of the household once he/she moves into an apartment.
In addition, valuable items such as jewelry may require additional coverage in the form of a "personal article floater".
Computers may also need more coverage by purchasing a "rider" on your policy.
Students should follow these safety measures when away at school:
* Always lock your door.
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Engrave your possessions with an identification number such as your drivers license number.
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Keep valuable items stored in a safe place.
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Don't have your valuables on display.
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Always close your curtains and lock your windows.
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Keep an inventory of all possessions.
We recommend you take the time to review your policy coverages with your agent or broker.
It's also important to shop your insurance premium and coverages to see if you have the best available...
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