If you’re the parent of dependent college students living away from home, you may not be aware that your homeowners policy will cover their personal property and personal liability.
Personal Property Coverage
Although limits and coverage vary by state, as long as your children’s permanent residence is your home, their personal property is automatically covered anywhere in the world up to a limit of 10% of your personal property coverage limit or $1,000, whichever is greater. Under the terms of a basic policy, they’re covered for the actual cash value of their lost or damaged items.
To get the most from your coverage:
Take an inventory of your child’s personal property.
Keep the receipts of valuable items.
Make a video of the dorm room or apartment after you’ve set it up.
Personal Liability Coverage
Personal liability coverage protects your child against claims of unintentional bodily and property damage up to $100,000 per incident. Coverage includes medical bills for injured parties up to three years from the time of the incident, property damage up to $500 per occurrence and legal defense against claims brought on by injured parties.
A note about renters insurance If your child establishes legal residency in a place other than your home and lives in an apartment, be aware that a landlord’s insurance policy covers only damage to the apartment building itself, not the tenant’s personal property. You should, therefore, purchase a separate renters policy, which provides personal property and personal liability coverage.
For more information and a free quote on home or auto insurance from Liberty Mutual, contact your local sales representative Vaunda Reese. Call her at 623-572-4440 x56477 or visit www.LibertyMutual.com/gspasba.
Date:Thursday, December 1st Time: 6:00 PM - 9:00 PM Location:Stone House Pavilion at the Phoenix Zoo
Get $5k-$20 in Free Marketing: Make 2016 Your Year for Success!
Use In Business Magazine as a tool to reach your customers for 2016. Through Print, Online, Social Media, Email & Events, you can realize an additional $5k to $20k in free advertising with In Business Magazine over 2016.
What's trending for 2016? Small Business! This year, resolve to support our local economy by "Thinking Small" at least one time each week! Need help finding a small biz? Visit ThinkSmallBizAZ.com! #ThinkSmallBiz
Allowing you to concentrate on what's really important.
We understand the insurance needs of locally-owned businesses because we're one, too. As an ASBA member backed by CNA, we're dedicated to helping small businesses like yours safeguard all you've worked so hard to build.
CopperPoint Insurance is Arizona's premiere provider of workers compensation insurance. We've been providing coverage and advocating for Arizona businesses, small and large, throughout the state since 1925.