College Students and Personal Property Coverage

By now, kids are off to college along with their belongings.  How does being away at college effect their personal property coverage?  How about coverage for items borrowed from the school?  Let’s say your insureds child has a lap top checked out from the school and it is stolen, is that covered?

Obviously “theft” is a covered peril under the “ISO Standard”.  However, as an independent agent, you know that not all companies use the same forms.  Assuming ISO Standards, the homeowners policy covers any personal property “owned or used” by an insured for any loss that falls under a covered peril.  Great!  But who is the insured?  The term “insured” includes the named insured and residents of the household.  This includes a student enrolled in school full time who was a resident of the household before moving out to attend school.  

One more stipulation, we cannot forget about the property away from the residence rule.  As you know, only 10% of personal property, coverage C, is covered away from the residence (on a standard ISO form).  In this case, there should be enough coverage.   

As always, each policy with each company is different and you always need to check with the company to make sure students away at college are going to be insured properly.   

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