Like a lot of families, you may have purchased a new laptop for your student or even a new e-bike that you sent them off to school with. Those are both expensive items that are highly susceptible to theft so it’s important to know how your current insurance portfolio will help protect you.
Would my Homeowner’s Insurance cover a stolen laptop?
In most cases, if your child is still a member of your household and is a full-time student, they will have automatic coverage while away at school for 10% of the personal property coverage amount on your homeowner’s policy. The same coverage applies while away at school as it would in your home so if a laptop is stolen, it would be considered a covered loss but also subject to your deductible. A typical homeowner’s deductible these days could be $1,500 or $2,500 which may be as much as the laptop or stolen item.
What are some other options for coverage?
One inexpensive option for coverage is to obtain a renters policy for your student while they are away at school. Deductibles for a renter’s policy are usually $500 or less and the annual cost for the policy would be in the $150 to $200 range.
Another option is to “schedule” a laptop or expensive item on your homeowner’s policy. Scheduling an item removes the deductible and is also very economical and easy. A $2,000 laptop may only be $50 per year to add to your policy with no deductible. One downside to this option is filing claim has the potential to raise your homeowner’s insurance premiums.
One additional option is to take out a Personal Collections Policy for just the one or two items that you may need to protect. The cost is about the same as scheduling an item on your homeowner’s policy but would have the added benefit of not increasing your homeowner’s rates if you needed to file a claim.
Connect with us
Working with families to help navigate coverage options for all of life’s milestones and events is what we do every day. Connect with us for an insurance portfolio review and evaluation.
At Flury-Hinderks Insurance, customer education is very important to us, and we are happy to take the time to review coverage and provide counsel for our customers. If you do not have a great relationship with your current insurance agency. Connect with us for an insurance portfolio review today.
