When children move out of the home, certain situations are still covered under a parent’s home insurance. Although that is true when adult children move into a dorm at college, they are not usually covered under a plan in Albany, New York if they are renting a house or apartment.
Coverage in the Dorms
During college, your daughter may still be covered under your policy as long as she lives in the dorms and does not rent an apartment. Your home insurance may cover her property because dorms are not considered a new home.
If her personal belongings are stolen, then your insurance may pay to replace the items.
If your daughter rents an apartment or house, then she is responsible to obtain appropriate coverage for liability and property. Homeowners insurance will not pay for the damages to her property or any situations associated with liability as long as she is renting the space rather than living in a college dorm.
When your daughter rents an apartment or house, she will want to purchase renter’s insurance. The coverage will help pay for any liability concerns and protect her personal belongings. It is not as expensive as homeowners coverage because the number of risks and the coverage are different. Renters are not responsible to pay for damages caused by fires, floods or similar situations. The landlord will have protection for the building, so renters only need protection for personal belongings and general liability.
Although parents may worry about a young adult who is renting for the first time, their homeowners plan may not provide any protection after a child moves out of the college dorms. Fortunately, coverage is available for renters. To learn more about renter’s insurance and policy options, contact us to talk to an independent agent today.