Harrisburg – The Pennsylvania Insurance
Department is offering tips for protecting students and their property while
away at school.
to college is a thrilling experience, but it can be a sobering one, too. Theft
is an all too common crime on and off college campuses, but there are several
things you can do to prepare and protect your student:
belongings with a renter’s insurance policy.
If your student lives in an off-campus apartment, their personal property
won’t be covered by your homeowner’s insurance, nor the insurance carried
by the landlord. A renter’s policy will protect their personal property,
as well as cover them if someone is injured on the property.
what is covered. Most renter’s insurance
policies provide two basic types of coverage: personal property and
liability. Personal property coverage pays to repair or replace personal
belongings if they are damaged, destroyed or stolen. Liability insurance
provides coverage against a claim or lawsuit resulting from bodily injury
or property damage to others caused by an accident while on the
are affordable. The cost for a policy
generally ranges between $15 and $30 per month. Policies are offered
either as “actual cash value” or “replacement cost” coverage.
what you are purchasing. Actual cash-value coverage
will reimburse the renter for the cost of personal property at the time of
the claim, minus the deductible. Replacement cost coverage will reimburse
the full value of the new item after you purchase it and submit your
an inventory. Taking a computer, laptop or
tablet to college? Be sure to take pictures of all belongings, write down
serial numbers and the estimated value of these items. An inventory and
supporting documentation will come in handy during the claims process if
any items are damaged or stolen. To get started, download the free myHOME
Scr.APP.book app for iPhone® or Android®.
information on renter’s insurance, or any other insurance product, call the
department toll-free at 877-881-6388 or go to www.insurance.pa.gov and click on
“Types of Coverage”, to access a free fact sheet on renter’s insurance.
Placey or Melissa Fox, 717-787-3289