College dorm insurance season has arrived
Parents and students alike are considering whether they need this additional coverage.
College students are preparing to move out of their parents’ homes and dorm insurance is among the considerations many must face. Parents and students alike are looking into the potential risks that could cause a student’s electronics and other possessions to be damaged or stolen.
These student residence policies typically cover laptops, mobile devices and other tech as well as other possessions.
Many students enjoy the peace of mind offered by dorm insurance because it goes beyond covering their electronic devices. It also provides them with coverage for sports equipment, bicycles, cameras, musical instruments and other valuable possessions. That said, it’s important to note that all policies are not created equal and coverage should be compared in order to make sure the proper protection is in place. This helps to make sure that not only will the premiums be what they should, but that all the valuable items a student brings with him or her will be covered.
The main type of claim typically made on a dorm insurance policy has to do with a burglarized residence.
According to university data, for every 100,000 college students, there will be 798 burglaries and larceny thefts. Though this figure may look high, it’s actually about one third of the burglaries and larceny thefts experienced by the American population as a whole. Still, that figure also represents the average across the country. The truth of the matter is that the actual rates of burglary vary from one institution to the next.
For instance, FBI data showed that the University of California, San Francisco experienced its highest ever level of crime in 2015. Among the statistics from that year included 421 burglaries and larceny thefts. When considering that the student population of that college was only 3,170. This converts to a rate of 13,281 burglaries and thefts per 100,000 students. Clearly, that is astoundingly higher than the average.
That said, 14 out of the 658 post-secondary institutions that participated in the study said they did not experience any reported burglaries or larceny thefts during that same year. Therefore, it’s important for students and parents to inform themselves before purchasing dorm insurance. This will give them the chance to understand the risk and form of coverage to be purchased.