Are students covered under the home or renters insurance of their parents?

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Asked September 3, 2013

1 Answer

The key to this question is whether or not you are living at home and when you will turn 26. By law, you can remain covered by your parents' insurance until you turn 26, so long as you are living full time in their home. If you start school and move away, then you will be responsible for your own renters insurance. The reason for this is that a renter's insurance policy is written for a specific location and its contents, and trying to cover two separate residences is beyond the scope of the plan.

For example, if you move out of your parents' house and into an apartment near campus, you would most likely be going from owning the contents of a single room plus assorted extras to owning the contents on an entire apartment, plus any property that is still covered by your parent's insurance at their home. For insurance companies, that means double the risk, double the cost of claims, but no change in the cost of the premiums to offset the risk.

If you are moving into a place on campus, the university may be able to help you with insurance coverage for your room. Many universities provide a type of group renters insurance to students to give them a more affordable way to protect their belongings. Check with the campus administration if this option sounds like it may be useful in your situation.

You could move out of your parents' house, but leave your belongings behind. For example, if you are only going to be away during the college term, you could leave a majority of your personal property behind, reducing the amount of insurance you need while you are away. When you returned home, your stuff would still be covered, and your other property would become insured if you still meet the requirements of the policy.

Answered September 3, 2013 by Anonymous

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