Protect Your College Student’s Home

It’s that time of year again. The kids have graduated high school and are starting their hunt for that perfect place to live when heading off to college. Many will be renting houses or apartments near campus, an exciting venture for any new high school grad. What are our responsibilities as parents, though? Should we consider it a job well done once the lease is signed? Here at Risk & Insurance Consultants, we recommend one additional step in the process.What if your child’s residence is the victim of theft, and that brand new laptop you bought for your student gets stolen? Or worse, perhaps they are trying out those newfound cooking skills and cause a grease fire in their new abode? You can bet their landlord is going to hold someone liable for that damage. It would be wise to have your insurance agent review your existing policies, so you can gain a better understanding of how or if they would provide any coverage for these potential adversities.Many times, your existing homeowners policy will extend a certain portion of your personal property limit to personal property kept at another residence. This meaning, your student’s belongings may have some coverage under your plan, depending upon the type of policy you have.Another thing to consider would be acquiring a separate renter’s insurance policy for your child. These policies are very affordable, and they ensure adequate protection is in place for contents and liability exposure. Another benefit is that this type of policy will often have a much lower deductible than your homeowners insurance policy. In the event you would need to file a claim, it would not be associated with your policy on your primary residence, so you don’t have to worry about your homeowners rate increasing because of something that happened at your student’s college residence.Accidents happen, so before you say bon voyage, ensure your child’s property is protected.  For more information on homeowners insurance in Atlanta, visit www.riskandinsuranceconsultants.com or call Steve English, our personal lines practice leader, at 678-384-5490.