With the school season kicking off, parents are updating all of their insurance coverages.
As your kids head off to their first rental property, it can save both you and them a lot of headache by double checking your coverages.
Renter’s coverage is something many people skip. However, it is very inexpensive and can be life-changing to have your belongings insured. Frankly, kids tend to be the target of thieves because they are more likely to be trusting and lack situational awareness.
Insurance helps stand in the gap between thieves and your kids.
Thankfully almost all renters insurance will cover your bike if it is stolen from the college campus or apartment that is named in the policy. Many of them will also provide coverage for bikes stolen while riding.
Just because you have insurance does not mean that you should skimp on protection. Buy a solid U-Lock to keep your bicycle locked at night, and make sure that you have a cable to run through both wheels to keep thieves from running off with your wheels.
If you have a nice bike, you might want to carry it inside. This is often against the rules, but I just keep it in my bedroom because leaving it outside would guarantee that it would be stolen.
The important thing is to make sure that you talk through your concerns with your insurance rep or read the details of your policy.
Finally, Dorm insurance is sometimes a variation on the Renter’s insurance and is available through your school or different insurance providers.
Both Dorm and Renters insurance often require a lower deductible, which means that if your bike is stolen, you only need to cover about $100 of the loss out of pocket compared to the $500 deductible required by homeowner’s insurance.