The days when children just took a pen, ruler and protractor in a pencil case, plus maybe some lunch money, to school are long gone. These days, they carry a small fortune in electronic equipment, wear more expensive clothes and use designer-label sportswear for gym sessions. That means they're more vulnerable to loss and you're more likely to be out of pocket when things get lost, damaged or stolen. So, does your insurance cover you for this risk? And what about equipment that is loaned to them?
The answer is normally "Yes" – your homeowners insurance policy usually protects you or a "resident relative" against covered losses to personal property, whether it's owned or just being used by the insured, inside or outside the home. In most cases, a student is still regarded as a "resident relative" even if they're away at college, provided your home is where they normally live outside of term time.
However, an important word of warning. As we mentioned on Page 1, if you have a deductible on your policy, you may find that this exceeds the value of the lost or damaged item, so you'll end up paying for it yourself – though you can obtain separate coverage for college students.
Also, it's important to check your policy to see which items are covered and whether there are any exceptions, exclusions or limitations. Not all homeowners policies are the same. If you need help, please contact us.