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College Bound? Don't Forget the Insurance

August 30, 2004
With literally millions of college students headed to campus, it might be time to think about renters and health insurance policies, something parents too often overlook.

Kansas Insurance Commissioner Sandy Praeger notes that most students bring thousands of dollars worth of personal property with them to school and that to protect their property, students should consider purchasing renters insurance to avoid losing everything in a storm, fire or burglary.

Renters insurance may be the most frequently overlooked type of insurance, Praeger says.

"Fewer than half of all renters carry renters insurance, even though it may be one of the most affordable lines of coverage," she said. "Some renters, mistakenly believe that a landlord's policy will protect them in the event of a disaster. In fact, protecting the contents in a property is the responsibility of the renter."

Renters and condominium insurance are similar to homeowners insurance. Standard policies provide two major types of coverage: personal property and liability. Personal property pays to repair or replace personal belongings if they are damaged, destroyed or stolen. Liability provides coverage against a claim or lawsuit resulting from bodily injury or property damage to others caused by an accident on the renters' property.

Praeger says renters in Kansas' college towns like Lawrence and Manhattan can usually purchase $25,000 worth of coverage for $125 to $150 per year. Rates are similar across the country. Praeger recommends that renter's talk with an insurance agent to find a policy that best suits their needs.

The commissioner also recommends that college students and their parents review their health insurance policies to make sure there is no lapse in coverage while students are in school.

Kansas law requires that dependents remain eligible for coverage until age 19, but most carriers offer higher age options that maintain eligibility as long as the dependent is enrolled in school. Praeger says parents should determine what their group policies provide and be prepared to replace the coverage for their student when that eligibility ends.

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July 7 2008

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