|
|
Post by SweetieBugs on May 1, 2016 18:20:24 GMT
My son is filling out the Residence Hall Contract for UC Santa Barbara and there is a question asking if you have renter's insurance. If you are a homeowner and have howeowner's insurance, would you need this coverage? We will ask our insurance agent tomorrow but I'm wondering what other people have decided on this. Thanks.
|
|
Deleted
Posts: 0
Sept 29, 2024 4:21:49 GMT
|
Post by Deleted on May 1, 2016 18:27:03 GMT
Whether he needs it or not depends on several things...
Does your home owners cover him? Some might. Some don't.
Can you afford to replace all of his personal belongings if they were lost in a fire, flood or other disaster?
For a college student in a dorm room I probably wouldn't worry with it. The risks of losing enough to make a claim seems to be a small risk to me. And what most students have in a dorm room is clothing, maybe a laptop etc and could be replaced fairly easily. It isn't quite like they are losing an apartment/house full of furnishings, appliances, expensive jewelry/art, etc that could total up to 10s of thousands of dollars to replace.
|
|
|
|
Post by cindyupnorth on May 1, 2016 18:30:31 GMT
Nope. Neither of my girls had it. I would think it would be just another cost. We did take good pic's and serial numbers of all her electronics and computer.
|
|
quiltz
Drama Llama
Posts: 6,840
Location: CANADA
Jun 29, 2014 16:13:28 GMT
|
Post by quiltz on May 1, 2016 18:40:19 GMT
The deductible would probably be higher than the value of the goods.
Find out if the higher priced items such as laptop and phone could be included in your household insurance that you already have.
|
|
luvnlifelady
Pearl Clutcher
Posts: 4,428 
|
Post by luvnlifelady on May 1, 2016 18:46:03 GMT
Wow, DD is coming home after her first year in student housing and I didn't even think about that. Good thing you're looking into it.
|
|
|
|
Post by papercrafteradvocate on May 1, 2016 18:51:44 GMT
Insurance will be the only saving grace for him/you if any electronics are stolen!
|
|
|
|
Post by Memo on May 1, 2016 19:04:28 GMT
We've had renter's insurance for our son because of all of his electronics; laptops, tablet, Nintendo stuff, etc. They are about $125 for the school year and have excellent coverage. One of the parents on our college parent group had a situation where her son and his friends were playing with a basketball in the room and damaged the TV. They filed a claim and had the check within 5 days. Here's their link: College Student Insurance |
|
Deleted
Posts: 0
Sept 29, 2024 4:21:49 GMT
|
Post by Deleted on May 1, 2016 19:04:34 GMT
Insurance will be the only saving grace for him/you if any electronics are stolen! But, if stolen electronics are reported to your home owners to collect against and your home owner's insurance rates then raise (and don't come back down!) you may end up paying more for a higher home owners policy than just replacing the electronics out of pocket. I'm often surprised at what people say they would claim against the home owners insurance as though it has no consequences. I want affordable home owners insurance in case I need to do a repair to my home that is going to go over $10,000. I'm not going to risk a $1500 computer/phone claim that will raise my annual rate that much for the next 30 years. |
|
|
|
Post by airforcemomof1 on May 1, 2016 19:16:05 GMT
Our insurance agent (State Farm) said it wasn't needed--covered under homeowner's insurance.
|
|
IAmUnoriginal
Pearl Clutcher
Posts: 2,894
Jun 25, 2014 23:27:45 GMT
|
Post by IAmUnoriginal on May 1, 2016 19:26:39 GMT
The insurance company I work for extends coverage from the parents' home policy for students in dormitory type housing. Once the student leaves the dorms for an apartment, a renters policy has to be taken out. The coverage is cheap -- roughly $120 a year.
|
|
|
|
Post by Basket1lady on May 1, 2016 19:31:06 GMT
DS's is included in our policy. No need to pay twice.
|
|
|
|
Post by peano on May 1, 2016 19:37:08 GMT
When I was in college, though not living in the dorms, someone broke into my apartment and stole my $1500+ stereo. I had renter's insurance and was able to recoup the loss. I guess it depends on the value of your possessions as to whether it's worth it.
|
|
|
|
Post by papercrafteradvocate on May 1, 2016 20:15:40 GMT
Insurance will be the only saving grace for him/you if any electronics are stolen! But, if stolen electronics are reported to your home owners to collect against and your home owner's insurance rates then raise (and don't come back down!) you may end up paying more for a higher home owners policy than just replacing the electronics out of pocket. I'm often surprised at what people say they would claim against the home owners insurance as though it has no consequences. I want affordable home owners insurance in case I need to do a repair to my home that is going to go over $10,000. I'm not going to risk a $1500 computer/phone claim that will raise my annual rate that much for the next 30 years. I don't disagree, I'm just stating that if they gave renters insurance and he loses a lot if burglarized it might be the route to go vs having to pay out of pocket. School books are crazy expensive anymore! |
|
|
|
Post by jemmls4 on May 1, 2016 20:23:02 GMT
Our homeowner's insurance covered my DD while she was living in an apartment during college.
We're insured by State Farm.
|
|
Nanner
Drama Llama
Posts: 5,987
|
Post by Nanner on May 1, 2016 20:25:05 GMT
When DD lived in residence, she was covered under my homeowners policy. But I'm in Canada and it's probably quite different!
|
|
MsKnit
Pearl Clutcher
RefuPea #1406
Posts: 2,648
Jun 26, 2014 19:06:42 GMT
|
Post by MsKnit on May 1, 2016 20:30:50 GMT
Insurance will be the only saving grace for him/you if any electronics are stolen! But, if stolen electronics are reported to your home owners to collect against and your home owner's insurance rates then raise (and don't come back down!) you may end up paying more for a higher home owners policy than just replacing the electronics out of pocket. I'm often surprised at what people say they would claim against the home owners insurance as though it has no consequences. I want affordable home owners insurance in case I need to do a repair to my home that is going to go over $10,000. I'm not going to risk a $1500 computer/phone claim that will raise my annual rate that much for the next 30 years. I agree with this. I would rather pay a small fee for a separate policy. There is no way I would make a claim against my homeowner's policy for my son's electronics or textbooks. |
|
Deleted
Posts: 0
Sept 29, 2024 4:21:49 GMT
|
Post by Deleted on May 1, 2016 21:26:03 GMT
I was going to say get a separate policy for renters insurance, too. I would also put it in both yours and DS's name to start building his financial name.
|
|
