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Subscribe Back Issues AOC Home Page August 5, 2010 |
Do You Need to Insure Your College-Bound Child?
Personal Property Coverage Although limits and coverage vary by state, as long as your child's permanent residence is your home, their personal property is automatically covered anywhere in the world up to a limit of 10% of your personal property coverage limit or $1,000, whichever is greater. Under the terms of a basic policy, they’re covered for the actual cash value of their lost or damaged items. To get the most from your coverage: * Take an inventory of your child’s personal property. * Keep the receipts of valuable items. * Make a video of the dorm room or apartment after you’ve set it up. Personal Liability Coverage Personal liability coverage protects your child against claims of unintentional bodily and property damage up to $100,000 per incident. Coverage includes medical bills for injured parties up to three years from the time of the incident, property damage up to $500 per occurrence and legal defense against claims brought on by injured parties. A note about renters insurance If your child establishes legal residency in a place other than your home and lives in an apartment, be aware that a landlord’s insurance policy covers only damage to the apartment building itself, not the tenant’s personal property. You should, therefore, purchase a separate renters policy, which provides personal property and personal liability coverage. This information brought to you by Liberty Mutual and the Association of Old Crows. Our partnership with Liberty Mutual offers competitive rates and superior service to AOC members. For more information, please visit us at www.libertymutual.com/crows . © 2009 Liberty Mutual Group. All rights reserved. |
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