Florida Homeowners' Insurance and Your College-Aged Child

Although it is advisable to review your homeowners’ insurance policy once per year, it is well worth your time to review it again when your child leaves for college. There are many reasons for this, but making amendments to your Florida homeowners’ insurance policy when your child moves away will protect your child's valued possessions. 

Your Child's Possessions

By the time your child is old enough to go to college it is likely that he or she has collected thousands of dollars’ worth of possessions which may include computers, televisions, stereo systems, mobile phones, tablets and more. Then, there are clothes, books, bicycles and things that you purchase for your child over the years. When your child moves out and goes to college, you will want to determine whether or not your existing Florida homeowners’ insurance policy will cover those items or if you will need to purchase renter’s insurance for your child. Although renter’s insurance is an added expense, it is certainly a lot less expensive than replacing all of the things it is designed to cover.

Common Insurance Clause

A common clause that is found in many Florida homeowners’ insurance policies is one that states that the insurance policy will only cover the possessions of the college-aged child as long as he or she resides on campus. This means that if your child lives in a dormitory, the items will likely be covered and an additional policy will not be necessary. However, if your child chooses to take an apartment off-campus or live in an off-campus fraternity or sorority house, then the policy will not cover the items and you will be better off purchasing renter’s insurance to cover your child’s belongings.

Take an Inventory

Before your child goes to college, it is important to inventory all of his or her costly possessions. First and foremost, take a pen and paper and write down all of the items that your child owns that cost more than $25 or $50. For the more expensive items like bicycles, computers, televisions and stereos, you should be sure to take pictures and keep receipts for these items. This way, in the event of a disaster or robbery, you have solid evidence to support your claim so that you can be reimbursed for your losses.

Talk to Your Child

When your child leaves to go to college, it is a fantastic time to discuss the necessity of having homeowners’ or renter’s insurance. It is likely that your child has never lived outside the home up to this point, and he or she likely does not understand the full importance of protecting these valuable items. You should also explain that the coverage of these items should not in any way be conducive to reckless behavior; Florida homeowners’ insurance rates go up after a certain number of claims and there are limits on the monetary value of the policy itself, as well.

When your child leaves for college, it can be exciting and stressful all at the same time. However, when you check with your agent about making changes to your Florida homeowners’ insurance policy, you can reduce some of this stress and focus on what really matters: helping your child make this important transition into adulthood.