FOR IMMEDIATE RELEASE
New York Press Office: (212) 346-5500; email@example.com
NEW YORK, August 18, 2015 — Before your college student heads off to campus, it is a good idea to review your insurance policies to make sure their personal possessions are adequately covered, according to the Insurance Information Institute (I.I.I.).
The I.I.I. recommends starting with the following steps:
Most homeowners and renters policies include protection for a college student’s personal possessions (e.g., a TV, clothing and furniture) away from home, if they live on-campus. Some policies may limit the amount of coverage to 10 percent of the total amount of the policy’s overall coverage for personal possessions. The terms of the coverage would be the same as for the primary home or renters policy, providing protection from perils such as theft or fire—and like a traditional home insurance policy, mishaps such as spilling coffee on a computer are not included!
Items such as jewelry, expensive sports equipment and musical instruments may be subject to dollar limits under standard homeowners and renters policies. If your child is planning on playing a sport or participating in an orchestra they may need additional coverage to protect their equipment or instruments, so consider acquiring a floater or endorsement. These stand-alone insurance policies provide both higher amounts and broader coverage—for instance “mysterious disappearance,” which means that even if the item is simply lost, you may be able to file a claim. It may be best, however, to leave expensive jewelry at home or store it in a safe deposit box for safe keeping.
THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
Insurance Information Institute, 110 William Street, New York, NY 10038; (212) 346-5500; www.iii.org