Yet it’s worth checking with your agent. Depending on the details of that policy, there can be gaps that leave you or your student at risk:
Housing. A parent’s policy often extends coverage for students living in on-campus dorms, but may exclude a student living in an off-campus home or apartment, said Loretta Worters, a vice president for the Insurance Information Institute. They’ll need their own policy to protect their possessions and provide liability coverage.
Possessions. Most policies cap coverage for “items stored off-premises,” which would include your child’s dorm-room contents, at 10 percent of the policy, said Orbann. Valuable items like electronics, collectibles and jewelry have even lower limits — and of course, those are the items more likely to be misplaced (what insurers dub “mysterious disappearance”) or stolen.
“The stuff students bring to college can add up pretty quickly,” she said.